BOOK OF THE 

WORLD COTTON 



NEW ORLEANS 
LOUISIANA 
OCTOBER 13-16 



WINDING MACHINES 



FOR 



Textiles and Electrical Coils 






Book_ ■'■ 



PRESEOTED By 



UNIVERSAL 

WINDING COMPANY 

BOSTON,. U. S. A. 





MAIN OFFICE A"oWORKS. ^^^^^ NEW YORK OFFICE 

PROVIDENCE. R I 30 CMURCM ST 



YOUR ENQUIRY SOLICITED FOR 

MACHINERY 

OF ALL KINDS AND TYPES FOR 

BLEACHING, DYEING, DRYING, MERCERIZING AND 

FINISHING PIECE GOODS AND WARPS 



UPRIGHT AND HORIZONTAL DRYERS 

SINGERS, KIERS, WASHERS, SQUEEZERS, SCUTCHERS, JIGS, 
MANGLES, CALENDERS, TENTERS, COLOR AND SIZE KETTLES 



SILK FINISHING MACHINERY 



WARP MERCERIZING AND DYEING MACHINERY 
MACHINERY FOR FINISHING ELASTIC WEB AND NARROW 

FABRICS 



CALENDER ROLLS 

OF COTTON, HUSK, PAPER AND PATENT COMBINATION 



PLANS AND ESTIMATES FOR COMPLETE PLANTS AND 

SPECIAL MACHINERY 



PROVIDENCE ENGINEERING 

CORPORATION 



PROVIDENCE, R. I. 



NEW YORK OFFICE 
5 NASSAU STREET 



CABLE ADDRESS 

"PECORP" PROVIDENCE 




■ 'i !i,V 
. 'ill! 









RICE & SARGENT 

CORLISS ENGINES 

ISO TO 10,000 HORSE POWER 

MARINE ENGINES and EQUIPMENT 

GENERAL MACHINERY AND REPAIR WORK 









In the cotton industry where fans and blowers can 
he used to advantage^ there is a type of "Sirocco'''^ 
equipment to fit the particular need. 

Our broad experience with the problems encoun- 
tered enables us to furnish the kind of equipment 
best suited for each purpose ^ whether it be fans for 
conveying cotton^ equipment for cotton gins^ heating 
and ventilating systems or air conditioning apparatus. 

If you are planning any changes or additions in 
equipment along the above lines ^ we would like to 
have you get in touch with us regarding your special 
requirements. 

Our Engineering Staff is at your service, 

AMERICAN BLOJVER COMPANY 

Detroit, Michigan 

Branches in all Large Cities 



CONVERTERS' FINISHING 

SERVICE 




^^^''^'>y.\ 







^* 






-sr' 



THE EDDYSTONE PRINT WORKS 

Centrally located at Eddystone, Penna., on the Delaware River 

(near Philadelphia^ 

(RAIL AND WATER SHIPPING FACILITIES) 

Offers to Converters of Cotton Piece Goods 
Enlarged and Improved Finishing Facilities 

Services of an Expert Designer and Mill Man 
Extensive Library of Foreign Samples for use of Customers 

ENGRAVING — BLEACHING — MERCERIZING 
DYEING PRINTING—NAPPING— FINISHING 



THE EDDYSTONE MANUFACTURING COMPANY 

New York Office 72 Leonard Street 



U S Bobbin & Shuttle Company 

57 EDDY STREET, PROVIDENCE, R. I. 



MANUFACTURERS OF 



Speeders, Skewers, Warp Bobbins, Filling Bobbins, Cap 

Spinning Bobbins, Northrop Loom Bobbins, Twister 

Bobbins, Twister Spools, Warper Spools, Comber Rolls, 

Quills, Underclearer Rolls (plain or covered) 



Shuttles 



Our "STETSON" patented hand threading shuttle is the best on 
the market. Repeat orders attest to its merits. Will be pleased to 
furnish samples upon request. 



We also make shuttles for Draper, Stafford, and Crompton & 
Knowles Looms, and would be glad to furnish samples upon request. 



Correspondence solicited on all matters relating to bobbins for 
Textile Mills. 



S AGO LOWELL SHOPS 

Executive Offices 
77 Franklin Street, BOSTON, MASS. 

Southern Agent Branch Southern Office 

Rogers W. Davis, Charlotte, N. C. Greenville, S. C. 

SHOPS AT 
BiDDEFORD, Me., Lowell and Newton Upper Falls, Mass. 




Cotton Machinery 



KiTSON Plawt 
Opening 
Conveying 
Distributing 
Picking 

Waste Openers 
Waste Cleaners 



Newton Upper Falls 
Cards 
Drawing 

Evener Drawing 
Lap Winders 
Card Strippers 



BiDDEFORD 

Roving 
Spinning 



Lowell 
Twisters 
Spoolers 
Warpers 
Slashers 
Winders 



Worsted Machinery (Lowell, Mass.) 



Revolving Creels 
Slubbing Winders 
Gill Boxes 



Drawing Boxes 
Dandy Rovers 
Cone Rovers 



Spinning 
Twisting 

Jack Spoolers 



Warpers 
Winders 
Slashers 



Spun Silk Machinery (Lowell, Mass.) 



Filling Engine 
Spreader 

Intersecting Gill Drawing 



Rotary Drawing 
Roving 
Spinning 



Twister 

Controlling Spooler 
Gassing Spooler 



A NATIONAL FACTOR 





The importance of the cotton industry to the 
United States cannot be over-estimated. 
Of pre-eminent importance to the cotton indus- 
try are Laminar Mill Receptacles. 
For the past 25 years they have been giving 
economical, satisfactory service in Textile Mills 
the country over. Once ** on the job," they stay 
on the job. With the severity of service en- 
countered by Roving Cans, Doffing Boxes and 
Trucks — the bumps, knocks and general hard 
usage to which they are subjected — it is no won- 
der that particular mill men have adopted 
LAMINARS. They stand up — always look 
well— always work well. They are designed and 
built by men who know the needs of the textile 
mill. 

We would like to give you more complete in- 
formation about these standard mill receptacles. 
A postal will bring it. Write to-day. 

American Vulcanized Fibre Co. 

Sole proprietors and manufacturers 

NEW ENGLAND DEPARTMENT 

12 Pearl St., Boston, Mass. 

C. C. BELL, Vice President, Resident Manager 

Head Office and Factories, Wilmington, Del. 

LAMINAR 

MILL RECEPTACLES 




SOMETHING NEW 
IMPORTANT TO COTTON MANUFACTURERS AND SPINNERS 

Dixon Patent Reversible and Locking in Back Saddle 

with New Oiling Device 

THREE SADDLES IN ONE 




The above cut shows weight on all three rolls 




DIXONS PATENT 

PAT.FEBY.IB.19Q9 




Dixon's Patent Round-Head Stirrup 

NOTE THE FOLLOWING IMPORTANT FEATURES OF THIS SADDLE 

New oiling device for lubricating top rolls — ^ Back saddle always locked to front saddle — Can use this 
saddle with weight on all three rolls — This saddle can be used to remove all weight from middle roll in 
case of mixed or long staple cotton — For short staple cotton extra weight can be put on middle roll — Will 
stop all cockled yarn and can spin from No. 5 to No. 150 with this combination of saddles. 

ALWAYS READY AND ANY OF ABOVE CHANGES CAN BE MADE PERMANENT OR TEMPORARY 

Improve Your Spinning 
Use Dixon Patent Adjustable Lever 

In order to get good spinning and the strongest yarn possible it is miportant to look well to your 
Saddles, Stirrups and Levers. 

We desire to call your attention to Dixon Patent Adjustable Lever, which gives you 

THREE NOTCHES IN ONE 




As is well known the old style Lever has from one to four notches, and it 
has been the experience of all spinners that many of the weight hooks are 
sure to be in the wrong notch. 

The argument has been made that to overcome this difficulty have only one notch in lever, but with the 
variation in cottons it also requires that in order to have good running work you should change the weight 
on rolls. Many mills have two or three sets of weights to meet this variation in cotton, but this means 
expense and loss of production in making changes. 

By use of this Patent Lever you can change the weight on rolls whenever the cotton requires it without 
stopping your frames; and furthermore, always have a uniform weight on all your rolls, which is very 
essential to obtam the best results. One half turn of screw is sufficient to make the adjustment. 

We can furnish this Lever in all patterns to accommodate the different make of spinning frames. 

JVhen ordering Stirrups or Levers SEND SAMPLES 

DIXON LUBRICATING SADDLE CO., Bristol, R. I. 



10 



Starch 




ONE OF OUR PLANTS ENGAGED IN THE MANUFACTURE OF 
TEXTILE STARCHES, DEXTRINES AND GUMS 

ARGO PLANT 
ARGO, ILLINOIS, U.S.A. 



The Cotton Textile Manufacturers require a variety of starches, 
dextrines and gums to produce specifically desired results. 

OUR KNOWLEDGE of the needs of the textile industry, 

OUR UNEXCELLED FACILITIES for producing a wide 
range of products, 

OUR ORGANIZATION FOR SERVICE in assisting in solving 
the sizing and finishing problems of the Cotton Manufacturer, 
enable us to co-operate effectively on troublesome technical 
questions. 

Corn Products Refining Co. 

New York 



Corn Products Company 

London 

Corn Products Company 

Glasgow 

Corn Products Company, S. A. 

Paris 



FOREIGN OFFICES 

Akt. Corn Products Company 

Copenhagen 

Corn Products Company, S. A. 

Antwerp 



Corn Products Company 

Manchester 

N. V. Corn Products Company 

Amsterdam 

Corn Products Refining Company 

Sucursal, Buenos Aires 



Starch 



11 



WARWICK MILLS 











CENTERVILLE, 

WEST WARWICK, 

RHODE ISLAND 












'*^'"«r.J-*'^ „..■"•'■"-_., '■' '" ;,.■••''■"" " ',..-«'J- ,.- 

i« -^'^ ?'.,-A-""V" _. ' "- •"""- ••••"'" '" ..^'-""'"^-r'<^. 



^^*=3ajc> 










"^fefrh"- " -' ■ -" •■ ••••■ ■ 






MANUFACTURERS OF 

Voiles, Organdies and similar ^ ^ 

lines of Cotton and Cotton and Silk Goods "^^^^*^i 
WELLINGTON, SEARS & COMPANY, Selling Agents 

BOSTON, NEW YORK, CHICAGO, ST. LOUIS, PHILADELPHIA, NEW ORLEANS, SAN FRANCISCO 




M. E. GLEASON, Pres. and Treas. 



A. B. EWART, Vice-Pres. 



GEO. H. BRIDGE, Jr., Secretary 



HOPE MILL SUPPLY COMPANY 

General Mill Supplies 

Sole Agents 
VICTORY SPINNING AND TWISTER TAPE 

This Spinning Tape is so constructed that it gives greater driving and wearing quality, 
also is less affected by changes in atmosphere, than any other 

tape on the market 



SEND FOR SAMPLES AND PRICES 



TELEPHONE CONNECTION 



PROVIDENCE, R. L, U.S.A. 



12 




%^ 



lEFORE the day of the monster trans-oceanic liner, the small sailing 
vessel risked life and cargo every time she weighed anchor. The old-time 
mariner stood by the barometer and prayed to his particular Deity that the 
weather might be fair and the wind good. The staimchest craft and the most 
skilled mariners were powerless before the caprice of the weather. Many modern 
Textile Mills, modern in every other respect, are as powerless as that small sailing 
craft, before the whimsey of the weather. But not all American mills are subject to the 
humor of the weather. Nearly two hundred of them, the finest of the number, have in- 
stalled Carrier Equipment for vianufacturing their own weather, inside their own plants. 
Bulletin 103-W will tell you the story of Manufactured Weather. It's yours for the asking. 



"Everyday 
a good day" 



Carrier Fngineering Corporation 

Manufacturers of Weather, Humidification, Heating, Cooling 
Ventilation, Purification 

39 CORTLANDT STREET - NEW YORK, N. Y. 



Write 
right nozi 



BOSTON 



BUFFALO 



CHICAGO 



PHILADELPHIA 



HOLYOKE 
MACHINE 
COMPANY 

fFORCESTER, MASS. 

Hercules Turbine 

Water Wheels 

Improved Governors 

Power-Transmitting 
Machinery 

Turned Shafting 

Couplmgs 

Hangers 

Rope Sheaves Pulleys 



James Hill 
Manufacturing Co. 

PROVIDENCE. R. I. 



Vulcan Fibre Roving Cans 

Hercules Fibre Roving Cans 
Automatic Can Springs 
Galvanized Dye-House Cans 
Water Pails, Fire Pails 

Ash Cans, Garbage Cans, etc. 



13 



For Big Mileage ; 



UNDER HARD USAGE 
YOU CAN'T BEAT 




POUNDED ASH 
OR CANVAS 




On Thread 
Guard Casters 



FRANK E. FITTS MFG. 
& SUPPLY CO. 



HENRY KING FITTS 
Pres. and Treas. 



CHARLES L. ADAMS 
Sec'y and Mgr. 



PURCHASE ST. (Cor. Oliver) BOSTON 




LOOM HARNESSES 
AND REEDS 

Harnesses for Cotton and Silk Weaving 

Reeds for Cotton, Woolen, Silk and Duck 
Slasher and Striking Combs 

Leice and Warper Reeds 

SAVE YOUR SHUTTLE BY BUYING 
THE "GIBBS SMOOTH REED" 

''Quality First " in the Gibbs Harness 

GIBBS LOOM HARNESS 
AND REED CO. 

CLINTON, MASSACHUSETTS 




SAMSON CORDAGE 
WORKS, Boston, Mass. 

Manufacturers 0/ SOLID BRAIDED 
a7id HOLLOW BRAIDED COTTON 
CORDS in all sizes, colors and qualities 
for all purposes including 

Sash Cord Clothes Lines 

Trolley and Arc Lamp Cord Masons' Lines 

Signal Cord Chalk Lines 

Ventilator Cord Garden Lines 

Curtain and Shade Cord Lariats 

Also COTTON TWINES 

Mills .^t SHIRLEY, MASS. and ANNISTON, ALABAMA 



14 



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WORSTED FABRICS FOR WOMEN'S AND 

MEN'S WEAR 

FINE COMBED COTTON GOODS, COTTON 
AND SILK MIXTURES 

COTTON PRINT CLOTHS, SPECIALTIES 

TIRE FABRICS 



m 



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TRADE MARK 

fICG. U. S. Pat. Off, 



CALHOUN MILLS 

CALHOUN FALLS, S.C. 



TEXTILE SPECIALTY CO. 

B0ST0N,1MASS. 






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WILLIAM WHITMAN COMPANY, Inc. 

SELLING AGENTS 

BOSTON NEW YORK PHILADELPHIA CHICAGO 



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COTTON AND MERCERIZED 

YARNS 

WORSTED AND MERINO 



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Kl 



WNQUITT SPINNING con PANY 




TOflDE ^' MflflK 
REG-U-SPAT-OfT 




COMBED 
AND 

CARDED 





NORTHERN 

AND 
SOUTHERN 

SPUN 



MANOMET MILLS 




REO-U-SPftT-OfT- 



MULE 
OR 
FRAME 




IXIII 



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WILLIAM WHITMAN COMPANY, Inc. 

SELLING AGENTS 

BOSTON NEW YORK PHILADELPHIA CHICAGO 



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16 



The American Wringer Co. 

Factory: Woonsocket, R. I. Office: 99 Chambers St., N. Y. 

Largest Manufacturers in the World of the Best Quality 

WRINGING MACHINES 

Power IVringers of Any Size for All Purposes 

ASK FOR ESTIMATES 



MECHANICAL RUBBER COVERED ROLLS 

We cover and furnish complete Rubber Rolls used in Bleacheries, Dyehouses, Cloth Printing and 
Finishing Plants, Cotton, Woolen, Silk, Paper, Felt, Shoddy, Worsted, Knitting and Wool 
Scouring Mills, Tannery and Tobacco Factories, Tin Plate and Sheet Iron Plants and also make 
Rolls used by Lithographers, Wood Workers, Manufacturers of Oiled Clothing, Glucose, Sugar, 
as well as Gumming and Gluing Rolls; in fact we make rolls for every purpose for which a 
rubber covered roll can be used. 



Established 1834 



Incorporated 1900 



The Pioneer Reed Works of America 

The J. A. Gowdey 
Reed & Harness Mfg. Co. 

JAMES A. WILSON, Pres. and Treas. 



r " n 




Warping Reeds and Soldered Reeds 
OF EVERY Description, including 
Leno, Lease and Webbing Reeds 

Loom Reed§ for Silk, Cotton, 
Wool and Wire Weaving 

1226 No. Main St. Providence, R. I. 



Textile Tests 



Cotton Wool 
Miscellaneous 



Silk 



The quality and quantity of all textile mer- 
chandise from raw material to finished 
product can be accurately determined by 
proper tests. This company maintains pub- 
lic testing laboratories for all kinds of physical 
and chemical tests on textiles, dyestufFs, soaps, 
oils, mechanical rubber goods and mill supplies 

Dojnestic and Foreign Business Solicited. 



UNITED STATES CONDITIONING 
AND TESTING COMPANY 

GENERAL OFFICES: 
340 Hudson Street, New York City 

Three Testing Houses under One Management 
New York, N.Y. Philadelphia, Pa. Paterson,N. J. 
340 Hudson St. 207 Chestnut St. 220 Ellison St. 



17 





Whitin Machine Works 


ESTABLISHED 


1831 WHITINSVILLE, MASSACHUSETTS 




Manufacturers oj the following Machines 


Opening 

Convevir 
D 

Revolving Fl 


Cotton Machinery 

Silver Lap Machines Spinning Frames 
ig Ribbon Lap Machines Spoolers 
istributing Combing Machines Twisters 
Picking Drawing Frames Reels 
It Cards Roving Frames Quillers Looms 


Openers 

Condensers 
Twisters 


Cotton Waste Machinery 
Cotton and Woolen Systems 
Full Roller Cards Roving Frames Pickers 
Spinning Frames Willows Spoolers 

Revolving Flat Cards Card Feeds Derby Doublers 
Special Spinning Frames 


Card Feeds 


Woolen Machinery 

Full Roller Cards Condensers Wool Spinning Frames 




Worsted Machinery 

Cone Roving Frames 


Rings Sp 


Supplies 

ndles Flyers Rolls Saddles Hank Clocks 


1 



SHUTTLES 



AUTOMATIC, HAND THREADING AND SUCTION 

For Cotton and Woolen Weaving 



llCUClLC J^TCl//lcS TPnM FXm llCClCllCS AMn T\A7TM \A71 



IRONEND - ^^<-^"^«'<-^ AND TWIN WIRE 



THE J. H. WILLIAMS CO., Millbury, Mass., U. S. A. 



Twin Wire Heddles 
Domestic Wire Heddles Heddle Frames 

Hand Stripper Cards 

Shuttles of ^'v^fy description manufactured by 

L. S. WATSON MFG. CO. :: Leicester, Mass. 



18 



Compliments of 



Byron W. Anthony 
Company 

Fall River, Massachusetts 



EUSTIS, PENNOCK & CO. 



fM\ ^tartl)es 



lO Post Office Square, 'Boston, Mass. 



Potato Starch 



STARCH, SAGO AND TAPIOCA FLOURS 
GUMS AND DEXTRINES 



Southern Representative 

WALTON L. BLACK 

GREENVILLE, S. C. 



United States Color 
£^ Chemical Co., Inc. 

93-95 BROAD STREET 
BOSTON - MASS. 

MANUFACTURERS OF 

Dyestujfs and 
Intermediates 

Factories: Ashland, Mass. 

Warehouse and Shipping Department 
13-15 Custom House St. 



19 



Greetings from 

America's Pioneer Loom Builders 

to the 

IVorld Cotton Conference 





CROMPTON & KNOWLES LOOM WORKS 

General Offices and Works: 

WORCESTER, MASSACHUSETTS, U. S. A. 



Providence, R. I. 



Branches: 
Paterson, N. J. 

Southern Representatives: 
Alexander & Garsed, Charlotte, N. C. 



Philadelphia, Pa. 



Representatives for South America and India: 
W. R. Grace & Co., New York, N. Y. 



20 





PLAIN COTTON LOOM 



AUTOMATIC SHUTTLE CHANGING DUCK LOOM 



^-^ Looms for Weaving Every Known Fabric'' 



THERE is a difFerent type of CROMPTON & KNOWLES loom made for weaving every 
kind of fabric. 

All varieties of cotton fabrics, including lawns, voiles, drills, denims, ginghams, towels, cotton blankets, 
duck, tire fabric, etc., are woven on Crompton & Knowles looms. 

The Automatic Bobbin Changing Looms for weaving ginghams, towels, blankets, etc.. and the Automatic 
Shuttle Changing Looms for weaving tire fabric, duck, etc., represent the latest development in weaving 
machinery, and thereby increase production and lower manufacturing costs. 

Crompton & Knowles Loom Works also build looms for weaving woolens, worsteds, flannels, blankets, 
silk, dress goods, plush, velvet, carpets, rugs, tape, webbing, ribbons, belting, etc. 



CROMPTON & KNOWLES 

WORCESTER, MASS., U. S. A. 

Largest builders of plain and fancy 
looms in the World 



LOOM WORKS 





AUTOMATIC BOBBIN CHANGING GINGHAM LOOM 



AUTOMATIC BOBBIN CHANGING TOWEL LOOM 



21 



THE NORTHROP LOOM 

TRADE-MARK 

meets the question of labor shortage by calHng for 

less weavers in the weave room; 

A Northrop loom weave room needs but 25 to 50 

per cent, as many weavers as with common looms ; 

It goes far towards replacing the shortage in weave 

room production by its capacity to be operated 

without any weavers at all during the noon hour 

and a corresponding time night or morning; 

It can be operated by less experienced help than the 

common loom; 

Bear in mind that the added saving in making 

high-priced cloth pays the increased cost of the 

looms compared with pre-war prices. 

DRAPER CORPORATION 

HOPEDALE, MASSACHUSETTS 



Southern Office 

188 South Forsyth Street, Atlanta, Georgia 



Copyright 1 917 by Draper CorporatioB 



22 



The Sign of 
Efficiency 



MORSE 



Positive as 
Gears 




The Sign of 
Durability 



DRIVES 



Flexible as 
a Belt 




Morse Engineering Service 



Longer LJf^ 

Power for your machines — Durability in your transmission 
— Efficiency in your production — Confidence in your cost 
— Reach their highest effectiveness when "MORSE" 
Silent Chain Drive transmit the power. 
There is only one steel belt that, since the beginning of 
its use, has made good — and held itself supreme thru 
years of textile service — and that one is "MORSE" 
Bring your Textile Mill Transriiissio?i problem to Morse Engineers. 
They are men of wide experience. Let them help you plaji your drives 

MORSE CHAIN COMPANY 

LARGEST MAXUFACTURER OF SILENT CHAINS IN THE WORLD 

:: NEW YORK 

Assistance Without Obligation 



ITHACA 



Address Nearest Office 




BOSTON, MASS 141 Milk Street 

CHICAGO. ILL Mercliants L. & T. Bldg, 

CLEVELAND, OHIO Engineers Bldg, 

DETROIT, MICH 1003 Woodward Ave, 

GREENSBORO. N. C 805 Ashboro St, 

NEW YORK CITY 50 Church St, 

PITTSBURGH. PA Westinghouse Bldg, 

SAN FRANCISCO, CAL Monadnock Bldg 



ATLANTA, GA., Candler Building Earl F. Scott, M. E. 

CANADA .Jones & Glasco, Reg'd. 

Montreal — St. Nicholas Building 
Toronto — Bank of Hamilton Building 

KANSAS CITY. MO., Finance Bldg Morse Engineering Co. 

MINNEAPOLIS.-MINN., 413 3rd St. S Strong-Scott Mfg. Co. 

ST. LOUIS, MO., Chemical Bldg Morse Engineering Co. 

"MORSE" is the Guarantee always behind our Service, Products and Results 





F. & B. SUTER 



MANUFACTURERS OF ALL KINDS OF 



Loom Reeds 



For Silk, Cotton, JVool and Wire 
Weaving 

LENO REEDS SOLDERED REEDS 

LEESE REEDS AND 

SCOTCH HOOK REEDS 

ALL OUR WORK GUARANTEED 

TELEPHONE CONNECTION 

41 Bailey Street 
PAWTUCKET, R. I., U. S. A. 



Established 1S46 



23 



Incorporated 1883 



PROVIDENCE 



AMERICAN SUPPLY CO. rho.h is...o 
nTTfl M M 1 1 




bUTllJll MIL 




We Specialize 
on Equipping 

New Mills 



We Specialize 

on Service and 

Satisfaction 




Manufacturers of 

LOOM 
HARNESS 

REEDS 

LEATHER 
BELTING 



Dealers in All Kiods of Supplics for Cottoo, Wool and Silk Mills 



PROVIDENCE 
MILL SUPPLY CO. 



MANUFACTURERS OF 



Oak Tanned Leather Belting 
and Mill Strappings 

"Walrus" Waterproof Cement 
General Mill Supplies 

68 West Exchange Street 
PROVIDENCE, R. I. 



Curtis & Marble 
Machine Company 

WORCESTER, MASS., U. S. A. 
Textile Machinery jor 

Cotton, Woolen, 
Worsted Goods, Etc. 



For Cotton Fabrics . 

Inspecting 

Sewing 

Singeing 

Shearing 

Brushing 

Calendar Rolling 

Measuring 

Spreading 



Rolling 

Trademarkinj 

Winding 

Folding 

Doubling 

Packageing 

Stamping 

Etc., etc. 



24 




25 




26 



NYANZA MILLS 

WOONSOCKET 

Rhode Island 



piiSIlli ,1 II ii !,„,,-= 



_____6f"iS*»»55~r5'- 

"^"""'•"rrrrrwxm 




HIGHEST QUALITY 

Bleached and Mercerized 

HOSIERY YARNS 



Mercerized and Dyed 

THREAD YARNS 



27 



FARWELL BLEACH ERY 

Lawrence, Massachusetts 




Bleachers, Mercerizers, Dyers 
Cotton Piece Goods 



28 



FARWELL MILLS 

Lisbon, Maine 











15/1 to 28/1 combed 

HOSIERY YARNS 



29 



ACADIA MILLS 

LAWRENCE, MASSACHUSETTS 

Combed Cotton Tarns 

MERCERIZED, BLEACHED AND COLORED 

DELIVERED IN SKEINS, CONES, TUBES, QUILLER COPS, WARPS 




SELLING AGENTS 

WILLIAM WHITMAN COMPANY, Inc. 

BOSTON NEW YORK CHICAGO PHILADELPHIA 



MONOMAC SPINNING COMPANT 

LAWRENCE, MASSACHUSETTS 

French Spun If^orsted and 
Merino Tarns 




SELLING AGENTS 

WILLIAM WHITMAN COMPANY, Inc. 

BOSTON NEW YORK CHICAGO PHILADELPHIA 



30 




MERITAS MILLS 
COLUMBUS, GA. 



THE STANDARD TEXTILE PRODUCTS CO. 

Manufacturers Converters Finishers 



We operate five plants for the manufacture of meritas, Slate Cloth, Leather 
Cloth, Composite Cloth, Rubberized Cloth, Waterproofed Cloth. 

Sanitas Modern Wall Covering, Wall Linings and Decorative Fabrics. 

The plants are located at Akron, Ohio; Youngstown, Ohio; Montrose, New 
York; Athenia, New Jersey and Rock Island, Illinois. 

We operate two cotton mills, one at Columbus, Georgia and another at Mo- 
bile, Alabama, where we make our own cotton fabrics for our various products. 

Each of our products is recognized as the standard of quality in its field. 



THE STANDARD TEXTILE PRODUCTS CO. 

320 BROADWAY NEW YORK 













f 



MERITAS MILLS 
MOBILE, ALA. 



31 



The 

Boston Manufacturing 

Company 

1901 

WALTHAM, MASS. 

Cis0ut6 

LAWRENCE & CO. 

NEW YORK AND BOSTON 
SELLING AGENTS 



The 

Waltham Bleachery and 

Dye Works 



WALTHAM, MASS. 



dFmi0l)ing 



COTTON PIECE GOODS 



Whittenton Manufacturing 
Co. 

TAUNTON, MASS. 

(^mgj)am0 

Cotton II^Ianfeet0 

mh ilobf0 



LAWRENCE & CO. ^ Boston ^ New York 
SELLING AGENTS 



Salmon Falls Mfg. Co. 



320 BROADWAY 

NEW YORK 



50 STATE STREET 
BOSTON 



tE^ire ^Fabrics 

CARDED . COMBED 



SELL DIRECT 



32 



The United States Finishing Go. 



Bleachers, Mercerizers, Dyers, Printers 
and Finishers of Cotton Piece Goods 



HENRY B. THOMPSON, president 
JAMES G. CLARK, vice president 
HARRY M. HORTON, vice president 
ANDREW C. IMBRIE, treasurer 
GRANT A. McCLATCHIE, secretary 



GENERAL OFFICES: 320 BROADWAY, NEW YORK 



WORKS 

NORWICH, CONN. PAWTUCKET, R. I. 

STERLING, CONN. PROVIDENCE, R. I. 

ALSO QUEEN DYEING COMPANY, PROVIDENCE, R. I. 



ANNUAL CAPACITY 350,000,000 YARDS 



33 



FRANK A. SAYLES, Pn-sidniL Saylesville, R. I. NEW YORK OFFICE, 72 Leonard Street 

SAYLESVILLE FINISHING PLANTS 

SAYLES BLEACHERIES SAYLESVILLE, R. I. PLANT A 

GLENLYON DYE WORKS SAYLESVILLE, R. I. PLANT B 

GLENLYON DYE WORKS PHILLIPSDALE, R. I. PLANT C 

- GLENLYON DYE WORKS CENTRAL FALLS, R. I. PLANT D 

SAYLES BLEACHERIES 

BLEACHERS AND FINISHERS OF COTTON FABRICS 
V^ide Sheetings, Shirtings, Lawns, Fancy Dress Goods, India Linens, Nainsooks 

ALL WEIGHTS AND WIDTHS 




VIEW OF SAYLESVILLE WORKS 

GLENLYON DYE WORKS, SAYLESVILLE 

Mercerizers, Dyers, and Finishers of Cotton Piece Goods 

Dyers and Finishers of Worsted Dress Goods, Mohair 

Linings, and Cotton and Wool Dress Goods 

GLENLYON DYE WORKS (Yarn Department) 

CENTRAL FALLS BRANCH 
Bleachers and dyers of cotton yarn in ball warps and skeins, artificial and natural silk 
yarns. Colors fast to bleaching and light a specialty, Facilities for winding and spooling 

PHILLIPSDALE BRANCH, PHILLIPSDALE, R. I. 
Bleachers, Dyers and Printers of Fine Cotton Goods and Fabrics of Silk and Cotton 

FOR GENERAL INFORMATION 

Address: SAYLES FINISHING PLANTS, Saylesville, R. I. 



34 



MANHASSET 

MANUFACTURING 

COMPANY 

I lire fabrics 

# m 




TRADE MARK 



GENERAL OFFICES, PROVIDENCE, R. I., U.S.A. 
MILLS AT PUTNAM, CONN., U.S.A. 



QUALITY NO BETTER SERVICE 

^ TIRE FABRICS MADE '^^^'^^^ ^ ^ j-^ 



William L. Lyall, President and Treasurer 
Thomas M. Gardner, Secretary 



35 



Henry V. R. Scheel, Assistant Treasurer 
T. J. Kelly, Factory iVlanager 



BRIGHTON MILLS 

PASSAIC, NEW JERSEY 

Tire Fabrics of Sea Island 
Egyptian and Peeler Cottons 

Special Constructions for Special Purposes Where Quality 
and Service Are Foremost Considerations 



ALL GOODS SOLD DIRECT 



ONLY OFFICE 

PASSAIC, NEW JERSEY 



H. G. Beede, Pres. E. G. Chace, Treas. 

M. G. Morrill, Supt. 



Fort Dummer Mills 



MANUFACTURERS OF 



PLAIN AND FANCY 



Fine Combed Cottons 



AND SILK MIXTURES 



n Exchange St., Providence, R, I. 



MILLS AT BRATTLEBORO, VT. 



ESTABLISHED 1871 

WAMPANOAG 
MILLS 

Shade Cloths, Sateens 
Fancy Shirtings 
and Cotton Warps 

FALL RIVER, MASS. 

RUSSELL H. LEONARD, Treasurer 



36 



LEBANON MILL COMPANY 

PAWTUCKET, R. I.. U.S.A. 



ESTABLISHED 1859 



Manufacturers of 



Stockinettes, Fleeces, Heathers, Alpine and Worsted Jersey Cloths. Knitted 

Linings, Fleeces and Jersey Cloths for Rubber Boot 

and Shoe Manufacturers 



Men's and Boys' Flat and Ribbed Underwear. Ladies' and Misses' Bloomers, 

and Union Suits in Worsted and Cotton 



JOSEPH BANCROFT ^ SONS CO. 



jWanufarturer^ 
ISleacl)er0 

OF COTTON PIECE GOODS 



ROCKFORD 



JVILMINGTON 



DELAWARE 



37 



PONEMAH MILLS 

TAFTVILLE CONNECTICUT 



Manufacturers of 



FINE COMBED LAWNS and 
FANCY GOODS in COTTON, and 
COTTON and SlhK MIXTURES 



Treasurer's Office Selling Agents 

20 Market Square American Bleached Goods Company 

Providence, R. I. New York 



MAVERICK MILLS 



MANUFACTURERS OF 



SPECIAL COTTON CLOTHS 



MADE FROM 



FINE COMBED YARNS 



144 ADDISON STREET, EAST BOSTON, MASS. 



38 



MANVILLE COMPANY 

PROVIDENCE, RHODE ISLAND 



MANUFACTURERS OF WHITE AND 
COLORED PLAIN AND FANCY 



Cotton Goods 



IN A GREAT VARIETY OF CONSTRUCTIONS 



340,000 Spindles 
10,000 Looms 

(Plain, Fancy and Jacquard) 



SELLING AGENTS 

GEORGE B. DUREN & SONS 

57 Leonard Street 
New York City 



:^9 



''Books Bound in HoUiston are Bound to JVear'*'' 



HOLLISTON 
BOOK CLOTHS 

Standard 

for all kinds 

of hooks 



CENTRAL WAREHOUSES 

NEW YORK - - - 2 West 13th Street 
BOSTON - - - 220 Devonshire Street 
CHICAGO - - - - 633 Plymouth Court 
SAN FRANCISCO - - - 148 First Street 
TORONTO ----- 106 York Street 



ADDRESS EXPORT DEPARTMENT, 
NORWOOD, FOR FOREIGN SERVICE 



Holliston Mills 

Norwood Mass. 




40 



ABERFOYLE 

MANUFACTURING 

COMPANY 



^\^CERIZED 



MAIN OFFICE 

CHESTER, PA. 



401 MORRIS BUILDING 746 INSURANCE EXCHANGE 

PHILADELPHIA CHICAGO 



11 



tltt 

^o^sp^ro^ ^^^^ ^]^^ name that identifies and 
distinguishes dependable cotton products and 
IS synonymous with prompt, efficient service 



Lewis Manufacturing Co. 

Walpole, Mass., U. S. A. 



70 Fifth Ave. 21 So. I2th St. 413 Bryant Bldg. 30 No. La Salle St. 483 Moss Ave. 

New York Philadelphia Kansas City Chicago Oakland, Cal. 



SEABOARD MILLS, Inc. 



Manufacturers'* Selling Agents 

Brown Sheetings, Osnaburgs, Drills, Twills, 
Print Cloths, Narrow Fancies 

For Export, Manufacturing, Jobbing and 
Converting Trades 

59 Leonard Street :: New York 



42 



Lyman B. Goff, President 



Benjamin C. Chace, General Matiager 



Edward E. Leonard, Treasurer 



Crown Manufacturing Company 

Pawtucket Rhode Island 




Special Qualities in Combed Cotton Yarns 



60,000 

Spinning 
Spindles 



Single and Ply for All Purposes 

from 

American, Egyptian and Sakelaridis Cottons 



10,000 
Twister 
Spindles 



Woodward, Baldwin & Co. 



43 and 45 Worth Street 



NEW YORK 



Selling Agents for 

SOUTHERN COTTON MILLS 

Manufacturing PFell-known Brands of 

Sheetings Shirtings Drills Ducks 

For Home and Rxport 

All Weights and Constructions of Print Cloths 
and Fine Cloths in Plain and Fancy Weaves 
Outing Flannel and Romper Cloth 
Towels and Diaper Cloths 



Baltimore 
San Francisco 



Philadelphia 
Shanghai, China 



Boston 
Chicago 



St. Louis 
St. Joseph 



43 



UNITED PIECE DYE WORKS 



DYERS, PRINTERS AND FINISHERS IN THE PIECE, OF 

All Silk Fabrics, Silk and Cotton 

Mixed Goods, Silk and Wool, 

All Cotton Goods, etc. 



LODI, N. J. 



NEW YORK OFFICE 
132 MADISON AVENUE 



MILLS 
LODI AND HAWTHORNE 

N. J. 



Howard B. Wetherell 
Treasurer 



Established 
1842 



O. B. Wetherell 
& Son Co. 

MANUFACTURING 

Roller Coverers 

Fall River, Mass. 



Commonwealth 
Thread Co. 

BOSTON, MASS., U. S. A. 

Manufacturers of 

Cotton Shoe Thread 



WELT THREAD 
McKAY THREAD 
TURN THREAD 
SHUTTLE THREAD 
LOCKSTITCH THREAD 

Correspondence in every language 



44 



DEXTER YARN COMPANY 



PAWTUCKET, R. I., U. S. A. 



Manufacturers of 
Carded and Combed 

PEELER 
YARNS 

From No. i6s to 40b 
Single and Ply 




For the Knitting, 
Weaving, Thread, 
Lace, Silk and 
Mercerizing Trade 

Cable and Hawser 
Cords 



Also CROCHET, KNITTING, TATTING and EMBROIDERY YARNS 

for FANCY NEEDLE WORK 



NAUMKEAG STEAM COTTON 
COMPANY 

SALEM, MASS. 



MAKERS OF 





SHEETS 

SHEETINGS AND PILLOWCASES 

Standard for Homes, Hospitals and 

Institutions 

Selling Agents: PARKER, WILDER & CO. 

BOSTON AND NEW YORK. 




pEQUOt 

Sheets 

AND 

.PIUOWCASES^ 



o^2^u 



MILLS 

PROVIDENCE 
BRAID COMPANY 

"braided 
Narrow 
Fabrics 

Providence, R. I. 



45 



Slatersville Finishing Co. 

Slatersville, Rhode Island 

Bleachers ^ Dyers ^ Finishers 

Cotton Piece Goods 



4i"i§> 



MYRICK & RICE, Selling Agents 

320 BROADWAY, NEW YORK CITY 



ESTABLISHED 1805 



INCORPORATED 1892 



THE ROBERT D. MASON COMPANY 



FREDERIC R. MASON, President and Treasurer 



W. J. BURTON, Secretary 



PAWTUCKET, RHODE ISLAND, U. S. A. 

MASON MEANS MERIT 

That is our policy and slogan! What does it mean? Mason Means Merit signifies that every bit of work 
done in our plant is handled just as if we ourselves were going to put the yarn in question through all 
subsequent processes and into consumption. All bleach, all colors, all mercerizing done by us is depend- 
able. When the yarns go into consumption no complaint comes back to our customer regarding the 
processing. In the mill the yarn runs well, there is a minimum of waste. They weave well and knit well. 

For 114 years CONSCIENCE has gone into the processing along with the drugs and dyes so we guarantee 
our work and uphold our slogan— M^SOA^ MEANS MERIT. 

Bleachers and Dyers for 
More than 100 Years 

Dyers, Bleachers, Mercerizers 
of Cotton Yarns, Spool Threads, 
Knitting Cotton Cords, Braids, 
Tapes, etc., Stockinet and Jersey 
Cloth. 

YARNS CONED OR TUBED 

Either Close or Open Wind 

WE MERCERIZE, DYE OR BLEACH 
Both Warps and Skeins 




46 



Cable Address: "Metacomet" 



Telephone Hanover 8470 



Robertson & Company 

Cotton Commission Merchants 



54 WALL STREET 



NEW YORK 



Selling Agencies 
BOSTON FALL RIVER NEW BEDFORD UTICA CHARLOTTE 

Consignments Solicited 

Special facilities for hedging and advancing against Consignments 
to all American and European Markets 

Prompt attention given to SPINNER'S ORDERS for Ex-Warehouse Spot Deliveries 
We Solicit Business in "FUTURES" from the Trade 

M embers New York Cotton Exchange 



Coming to Arkansas ? 

If so you will want to visit Pine Bluff, 
in the heart of the cotton district of 
the State. 

You will find it convenient to make 
this your banking home — and can 
place your funds here in advance of 
your arrival if you wish. 

We welcome the accounts of firms, in- 
dividuals and corporations and offer a 
complete financial service and every ad- 
vantage consistent with sound banking. 

Correspondence with interested parties 
invited. 

The 
Merchants & Planters Bank 

PINE BLUFF, ARK. 

^'The Oldest State Bank in Arkansas" 

— and the largest bank in the southeastern part of the state. 



Fred M. Burton & Co. 
INSURANCE 

against 

FIRE, MARINE, TORNADO 



and FLOOD RISKS 



Representing 
TEN of the largest companies in the world 

COTTON b- STORAGE INSURANCE 
a Specialty 

CORRESPONDENCE SOLICITED 

GALVESTON, TEXAS 



Arthur Mendes & Company 

Marine Insurance 

730 Gravier Street, NEW ORLEANS, LA. 

REPRESENTING 

BRITISH & FOREIGN MARINE INS. CO. OF LIVERPOOL 

STANDARD MARINE INSURANCE CO. OF LIVERPOOL 

PHOENIX INSURANCE CO. OF HARTFORD, CONN. 

Annual contracts effected on cotton with above Companies covering from 
time of purchase until delivery to mill or warehouse at destination. 

Cable Address: -"MENDES" 



17 



1 


F. M. CRUMP 


F. M. CRUMP & CO. 
Cotton 

MEMPHIS, U.S.A. 


D. H. CRUMP 


1 



48 



•^ IPowfed^O(o)(n) fe(r l(m)|o)II(o)^(r §)(n)(ol [l(nn)|p)0@^@ ,,^^^ 




of^ their 
premiums 
returned 



Oriijinal Polk^^Holder^ 

have £tsc 5Zyear^ enjoyed a 

CLINTON WIRE CLOTH CO., 

Clinton, Mass. 

MASON MACHINE WORKS, 

Taunton, Mass. 

CENTRAL MILLS CO., 

SOUTHBRIDGE, MaSS. 

FISHER MFG. CO., 

FiSHERVILLE, MaSS. 

WHITTENTON MFG. CO., 

Taunton, Mass. 

MASSACHUSETTS COTTON MILLS, 
Boston, Mass. 

WAMSUTTA MILLS, 
New Bedford, Mass. 

BOOTT MILLS, 

Lowell, Mass. 

MERRIMACK MFG. CO., 

Lowell, Mass. 

ACUSHNET MILLS CORP. 
New Bedford, Mass. 

POTOMSKA MILLS, 
New Bedford, Mass. 

APPLETON CO., 
Lowell, Mass. 



In 1887 these manufacturers, because of the enactment in 
Massachusetts of the Employers' Liability Act, and be- 
cause of the success of the New England fire mutuals, 
decided to pool their liability risks, and form a mutual 
liability company. The essential elements of this mutual 
company were participation in the profits by the policy- 
holders and selection of risks. 

That these representative companies are still American 
Mutual policyholders is proof of the economy and efficiency 
of American Mutual Liability Insurance. Being a pooling 
of risks of those who own them, it is insurance in its 
purest form. That the American Mutual has every year 
for the 32 years of its existence, returned not less than 
30% of the premiums to its policyholders, is incontroverti- 
ble evidence that the enterprise is not undertaken for 
profit but simply for the protection of those concerned. 

Today the American Mutual is the oldest, strongest and 
largest casualty company in America. It has a reserve 
fund fixed by law of $2,900,000.00 to guarantee the pay- 
ment of losses. Besides, it has acquired a surplus of 
more than $1,350,000, quickly convertible. With 50 other 
mutual casualty companies in the field the American 
Mutual, since 1908, has written 30% of all mutual casualty 
insurance — an endorsement of its expert, efficient Service, 
its Economy and its recognized Strength. 

For complete detailed information, the full American 
Mutual story — "The Return of 300" — will be mailed 
to manufacturers on request. It contains our 1918 
financial statement, together with information vitally in- 
teresting to every progressive manufacturer in America. 



American Mutual 

Liability Insurance Co 

245 STATE ST., BOSTON 18 E. 41st ST., NEW YORK 

BRANCH OFFICES IN PRINCIPAL CITIES 



Bring Us Your 
Dyestuff Problems 



The application of the dyestuff to textiles is as much an art as 
the produdfion of the dyestuff. 

Dyeing is a chemical, not a mechanical process. An intimate 
knowledge of the possibilities of every dyestuff is often necessary 
to meet the particular requirements of the consumer, and the variation 
of local conditions, due to differences in the quality of water, steam, 
and chemicals makes the dyehouse problem an individual one. 

Because of this individual fadlor the technique of the application 
of dyes commands today, as it has done in the past, the best talent 
among those distributors who cater to the highest class of trade. 

The technical department of this Company is manned by chemists 
who have been picked because of their expert knowledge, practical 
experience, and demonstrated ability. Well-equipped laboratories are 
maintained at our different offices, for the service of our customers. 

You are invited to submit your problems. Your questions are 
welcome. Our advice in answer involves no obligation on your part. 

National Aniline & Chemical Company 

Incorporated 

Maui Sales Office: 21 Burling Slip, New York 





Branches: 




Boston 


Cincinnati Milwaukee 


Providence 


Charlotte 


Hartford Minneapolis 


Buffalo 


Chicago 


Kansas City Philadelphia 


Akron 



50 



F. E. ATTEAUX & CO., Inc. 



172-178 PURCHASE ST. 




ATTEAUX 



BOSTON, MASS. 



SOLE SELLING PALATINE ANILINE AND POUGHKEEPSIE 

jGENTs FOR CHEMICAL CORPORATION ^^^ ^^^^ 

Mannfaciurers of CHROME, AZO, SULPHUR AND ACID COLORS 



JND THE 



CONSUMERS DYEWOOD mobile 
PRODUCTS CORPORATION ^^^^^^^ 

Manufacturers 0/ HEMATINE CRYSTALS AND ALL DYEWOOD PRODUCTS 
We are receiving Regular Shipments of Aniline and Alizarine Colors from Switzerland 



BOSTON 

NEW YORK 



F. E. ATTEAUX & CO., Inc. 



PHILADELPHIA 

CHICAGO 



BURG LINE 

HOLLAND-AMERICA LINE 



HUDIG & VEDER 



Freight Service from Savannah 
to Amsterdam and Rotterdam 



OFFICES : 



Savannah Bank and Trust Company Building 
SAVANNAH, GEORGIA 
W. J. WALKER, Agent 



51 



The Liverpool & London & 
Globe Insurance Co., Ltd. 

Cotton insured under most convenient form of policies — from 

Field to Factory 

Marine Insurance specialized 

This Company has endured the great conflagrations at 
Chicago, Boston, Baltimore and San Francisco, pay- 
ing Its losses promptly upon adjustment 

Agents at all important towns and cities throughout the world 



HAGEDORN & COMPANY 

#eneral Inisurante MxoUt^ 

66 BEAVER STREET NEW YORK 

D. SCHNAKENBERG, President 

Especial Attention Paid to the Placing of Insurance on Shipments of Cotton 
Annual Contracts Arranged Prompt Collection of Claims 

CABLE ADDRESS: "HAGEDORN," NEW YORK ESTABLISHED 1869 

A. B. C. 5th — PREMIER, WESTERN UNION, MEYER'S MEMBERS NEW YORK COTTON 

Al AND SHEPPERSON'S CODES EXCHANGE 



52 




Saving in Construction Cost 

When Labor and Materials were Advancing 







HE Westinghouse Lamp Company's 
Trenton Plant, shown above as it 
looked under construaion, was built 
during the period of world-wide war 
activity when the shortage of labor and 
materials was becoming daily more acute> 
"j".' -^n but the work was carried to completion 

in 151 working days. 

The Owner's satisfaction with the job has recently been 
expressed to us in the following letter : 

" Our new Triton Plant is considered the finest lamp factory 
in the country, and the fact that your organisation designed and 
constructed it must be a source of gratification to you. 

" The buildings are ivell designed and constructed, and your 
engineering was, as far as we know, 'without a flaw. 

"Among the features particularly gratifying to us was the 
splendidly developed spirit of co-operation that listed between your 
representatives and our staff. 



"The pleasure in working smoothly with your organization 
ivould have amounted to little, however, did it not appear as a 
matter of figures in the final accounting, for as you know you 
were able to turn back to us a very substantial saving in the esti- 
mated cost of the work, which was particularly interesting when 
you take into consideration the fact that the buildings were con- 
structed at a time when the prices of labor and material were 
advancing from day to day." 

Our experience of 30 years as an organization shows that 
satisfaction is best assured if we work 'with you rather than 
for you, and if we begin when your plans for new plant or 
additions are first taking shape. Any of our offices will be 
glad to give you full information. 

STONE & WEBSTER 

Industrial Plants and Buildings Industtial Housing Warehouses 

Power Stations Water Power Developments Transmission Systems 

Office and Monumental Buildings Chemical Works Gas Plants 



Boston . . Stone & Webster Building YOUNGSTOWN 516 Stambaugh Building 

NEW YORK 120 Broadway SEATTLE .... 868 Stuan Building 

CHICAGO . First National Bank Building HOUSTON . . . 1006 Texas Avenue 

Washington . 906 Colorado Building Pittsburgh . . 954 Union Arcade 




53 



CONVERSE & COMPANY 

SELLING AGENTS 

86-88 WORTH STREET 



Chambrays 


Pillow-cases 


Outing Flannels 


Pillow Tubings 


Ginghams 


Osnaburgs 


TVide Sheetings 


Drills 


Brown Sheetings 


Sheets 


Cotton Dress Goods 
Denims 


Ducks 



Kelsey Fabrics 



Bleached Muslin 

Interlinings 

Shirtings 



Cambrics 
JVhite Goods 
JVashington Prints 
Turkey Reds 



Nainsooks 
JVash Goods 
Percales 



THE ABOVE FABRICS ARE ESPECIALLY ADAPTED FOR 

THE EXPORT TRADE AND WE RESPECTFULLY 

SOLICIT YOUR BUSINESS 



NEW YORK PHILADELPHIA 

BOSTON CHICAGO ST. LOUIS 

SAN FRANCISCO 



BALTIMORE 
MINNEAPOLIS 



54 



PARKER, WILDER & CO. 

4 Winthrop Square 78 Leonard St. 

BOSTON, MASS., U.S.A. NEW YORK, U.S.A. 

SOLE SELLING AGENTS FOR 

BOOTT MILLS NAUMKEAG STEAM 

WIDE, SAIL, ARMY, TIRE AND ^^ ^ ^ ^^ ^^* 

SHOE DUCKS PEQUOT AND NAUMKEAG TWILL 
COMBED AND CARDED FABRICS WIDE SHEETINGS 

FOR CONVERTING pEQuoj AND SALEM 

SEAMLESS GRAIN BAGS SHEETS AND PILLOW CASES 

ABSORBENT TOWELING PILLOW TUBINGS 

FOR DOMESTIC AND EXPORT TRADE 




RENFREW Mi COTTONS 



The same reasoning which rejects heavy woolen underwear demands all cotton 
garments for indoor outerwear. 

RENFREW NuVOGUE FABRICS are Cotton dress goods, washable and easily 
cleaned. Specially adapted to School dresses, misses' and women's housewear. 

Cotton Planters — Manufacturers — Jobbers and Retailers should boost this 
movement. 

F. U. STEARNS & COMPANY 

Dry Goods Commission Merchants 

9 THOMAS STREET NEW YORK 

Also sell -Re^ykew Devonshire Cloth- Renfrew Zephyr Madras -Fine Ging- 
hams-Renfrew Winter Ginghams- Renfrew Bleached and Colored 
Damask— Renfrew Napkins and Towels 



oo 



Wm. Anderson Textile Mfg. Co., Inc. 

ESTABLISHED I860 48-50 WHITE ST., NEW YORK incorporated lOir, 

MANUFACTURERS, DISTRIBUTORS AND CONVERTORS OF 

Ginghams, Shirtings, Cotton Dress Fabrics 

IVhite Goods 

SOLE SELLING AGENTS OF 

'TVANHOE ZEPHYR" 
"PROVIDENTIA FABRICS" 

"NEW FASHIONED FABRICS OF OLD FASHIONED GOODNESS" 
GLASGOW LONDON PARIS CHICAGO TORONTO MELBOURNE 



93 FRANKLIN STREET, BOSTON 66 WORTH STREET, NEW YORK 

Wellington, Sears & Co. 
CommijSjSion jlerc})ant0 

COTTON DUCK All Widths, Weights and Numbers 

Oceanic Wide Cotton Duck Superior Army Ounce Duck 

26 inches to 120 inches wide 28| and 36 inches wide, 7, 8, 9, 10, 12 and 

15 ounce 

Oceanic and Superior Sail Duck Monarch Double Filling Duck 

22 and 24 inches wide 29 and 36 inches wide, 7, 8, 9, 10 and 12 

7 . ounce 

Shawmut Hose and Belting Duck n^ /• j /^ ^ c- / z?-//- 

^ Magnolia and Cypress omgle r tiling 

Dixie Shoe Ducks iff 2^ a in ■ u j-ohia jio 

29, 36 and 40 inches wide, /, 8, 9, 10 and 12 
37 inches wide, 7, 7|, 8, 9, and 10.38 ounce ounce 

ylquapelle and Storm King Waterproof Duck 

PHILADELPHIA ST. LOUIS NEW ORLEANS CHICAGO ' SAN FRANCISCO 



56 



American Made Textiles 




TRADE MARK 




TRADE MARK 




TRADE MARK 





CORPOfATE 



We are pleased to inform buyers that we are the SeUing Agents 
for the following mills, each of which is a leader in the class of 
fabrics it manufactures. Their products comprise a large line of 
very representative goods which are largely sold the world over. 



Lazvrence, Mass. 



Pacific Mills 

Dover, N. H. 



Columbia, S. C. 



are the largest Print Works in the world, with an unequaled output of printed dyed and 
bleached cotton goods of every description, including Crepes, Organdies, Lawns, Poplins, 
Serges, Flannels, Percales, Prints, Pongees, Shirtings. Also Drapery Sateens, Cretonnes, 
Silkalines, Plain and Printed Scrims, Velours, etc., and full line of bleached goods such as 
Nainsooks, Cambrics and Muslins. 

They are also the largest manufacturers of cotton-warp and all-wool dress goods, such as 
Serges, \ oiles, Lustres, Gabardines, Granites, Taffetas, Panamas, Linings, etc. 

Merrimack Mfg, Co, 

Lozvell, Mass. Huntsville, Ala. 

These famous Mills, established in 1822, have for nearly one hundred years manufactured 
a comprehensive line of Plain and Fancy Cotton Corduroys, Khaki, Fustians and Velveteens; 
also Gray plain cloths for export. Their products, made in very many styles, colors, and 
finishes, command a wide sale wherever known. 



Ipswich Mills 



Ipswich Lozvell Gloucester Boston, Mass. Belmont, N. H. 

are the oldest and one of the largest Hosiery Mills in the United States. They manufacture a 
complete hne of men's and women's seamless Cotton, Mercerized, and Silk Stockings, which are 
made in a large range of qualities, grades and colors. 

TVhittenton Mfg, Co, 

Taunton, Mass. 

are large manufacturers of medium priced Dress Ginghams, Jacquard Cotton Blankets, both 
bed and crib size, as well as men's, women's, and children's Bath Robe Blankets in a wide 
range of colors and patterns. Their line of animal designs for children's robes and crib blankets 
is particularly attractive. 

Boston Mfg, Co, 

Waltham, Mass. 

was the first complete cotton mill built in the United States. Thev are the leading manufac- 
turers of fine Ginghams for women's and children's dresses. Their products are made in very 
many styles and command the best trade everywhere. 




TR.iDE IURK 




IR.ADE IL^RK 




TRADE ItARK 




TR.\DE MARK 




CORPOaATE 
MARK 



arge 



Our Export Department 

IS always prepared to furnish interested buyers with full information regarding any or all of the very 1 
range of textiles produced by these leading manufacturers. 

We are pleased to give particular attention to packing goods for export in different sized and carefully 
constructed packages to meet special requirements. 

In writing, kindly be as explicit as possible, so that we may furnish exactly the information you desire. 

LAWRENCE & COMPANY 



89 FRANKLIN ST., BOSTON, MASS. 



PHILADELPHL\ 



CHICAGO 



24 THOMAS ST., NEW YORK 

BRANCH HOUSES 

ST. LOUIS SAN FRANCISCO LONDON, ENGLAND 



J. SPENCER TURNER CO. 

56 WORTH ST., NEW YORK 

BOSTON CHICAGO PHILADELPHIA HAMILTON, ONT. 

MANCHESTER, ENG. 

Cotton Duck Tire Fabrics 

Twills Drills Cotton Yarns 

Stark Mill Crashes 

SPECIAL FACILITIES FOR HANDLING EXPORT ORDERS 



NORMAN MAYER J. M. LEVY M. J. ASHFORD 

MEMBERS: NEW ORLEANS COTTON EXCHANGE 
NEW YORK COTTON EXCHANGE 

NORMAN MAYER & CO. 

NEW ORLEANS, LA. 

Cotton Commi00ion Mtn\)mtB 

FUTURES AND SPOTS 



ORDERS EXECUTED FOR FUTURE DELIVERY IN NEW ORLEANS AND NEW YORK 

LIBERAL LOANS MADE ON SPOT CONSIGNMENTS 

REASONABLE TERMS AND SPECIAL FACILITIES FOR RECEIVING OR DELIVERING COTTON ON CONTRACT 



58 



HENRY BEER J. WILLIAM BARKDULL 

EDGAR H. BRIGHT C. MORGAN ABRAMS 

ESTABLISHED 1872 



PRIVATE WIRES TO NEW YORK, CHICAGO, AND INTERMEDIATE POINTS 



H. & B. BEER 
Commission Merchants 

COTTON, STOCKS, GRAIN, PROVISIONS, 
COTTON SEED OIL AND COFFEE 

325 Baronne Street, New Orleans, La. 



TELEPHONE MAIN 659 AND 660 



BRANCH OFFICE: 821 GRAVIER STREET phone, main ii6 and 42. 



MEMBERS OF 

New Orleans Cotton Exchange N. O. Future Brokers Association 

New York Produce Exchange New York Stock Exchange 

New York Cotton Exchange New York Coffee and Sugar Exchange, Inc. 

Chicago Board of Trade Associate Members of the Liverpool Cotton Associat 

Special attention given to the execution of orders on the above exchanges 



ion 



c 



9 



MINOT, HOOPER S? COMPANY 

NEW YORK BOSTON 

82 Worth St. 110 Summer St. 



Selling Agents For 

Great Falls Manufacturing Company 

Dwight Manufacturing Company 

Lyman Mills 

Harmony Mills 

John P. King Manufacturing Company 



SATTEENS, ANCHOR SHEETINGS, PRINT CLOTHS 
TWILLS, WHITE GOODS, SHEETINGS AND DRILLS 

GOODS PACKED FOR EXPORT CABLE ADDRESS "MIREDRUM" 



HUNTER MFG. & COMMISSION CO. 

58-60 Worth Street, New York City, U.S.A. 
WORLD-WIDE DISTRIBUTORS OF 

COTTON FABRICS 



Selling Agents for 

SOUTHERN COTTON MILLS 

FABRICS FOR HOME AND EXPORT 



DOMESTIC BRANCH OFFICES 
Boston Philadelphia Baltimore Chicago St. Louis San Francisco Los Angeles Greensboro 

FOREIGN BRANCH OFFICES 

Buenos Aires, Argentine Curacao, D. W. I. Caracas, Venezuela Santiago, Chile 

Mexico City, Mexico San Juan, Porto Rico Havana, Cuba Barranquilla, Colombia 



60 



Turner, Halsey Company 

62 Leonard Street, New York 



CABLE ADDRESS "HARLOMOOR," NEW YORK 



SALES AGENT FOR 

Mt. Vernon- Woodberry Mills^ Inc. 

LOCATED AT BALTIMORE, MD., COLUMBIA, S. C, TALLASSEE, ALA. 



MANUFACTURERS OF 



SAIL, WIDE and ARMY DUCK 
SINGLE and DOUBLE FILLING DUCK 

and Specialty Fabrics 
We are also Selling Agent for Mills Manufacturing 

PRINT CLOTH, SHEETINGS, DRILLS 

SATEENS, DENIMS and 

COTTON YARNS for Weaving and Knitting 

BRANCH OFFICES: 

Philadelphia Baltimore Chicago St. Louis New Orleans San Francisco 

London and Manchester, England 

With our country-wide organization, with foreign branches and 
connections, we have special facilities for handling large output 
of Mills for foreign and domestic trade in above-mentioned lines 



61 



CATLIN & COMPANY 

Selling Agents for 
COTTON GOODS 

Tremont & Suffolk Mills American Spinning Co. 

Appleton Company High Shoals Company 

Florence Mills 

COTTON YARNS 

Lawton Spinning Company Tremont & Suffolk Mills 

Hamilton Manufacturing Company 

and other mills furnishing full range of all numbers 
345-347 BROADWAY, NEW YORK 

BOSTON PHILADELPHIA CHICAGO 



N. L. CARPENTER 
EDWARD E. CLARK 



JOHN C. CLARK 



J. N. CARPENTER, JR. 
DONALD C. APPENZELLAR 



K L Carpenter & Co, 

42 EXCHANGE PLACE, NEW YORK 

GROUND FLOOR 



Members 

New York Stock Exchange 
New York Cotton Exchange 
New Orleans Cotton Exchange 
New York Coffee Exchange 
Chicago Board of Trade 
New York Produce Exchange 

Cable Address 
"Lescarpen," New York 



BRANCH OFFICES 

Washington, D. C. .Woodward Building 

New Haven, Conn 31 Center Street 

PouGHKEEPSiE, N. Y. . . . 45 Market Street 
PiTTSFiELD, Mass Kresge Building 



Private Wires to Principal Points South 
and West 



Seasonal Offices: 

HOTEL MT. WASHINGTON 
Bretton Woods, N. H. 
HOTEL WAUMBEK 

Jefferson, N. H. 
HOTEL EQUINOX 

Manchester, Vt. 
HOTEL BON AIR 

Augusta, Ga. 
HOTEL CAROLINA 

Pinehurst, N. C. 



62 



ESTABLISHED 1818 



INCORPORATED 1905 



WM. E. HOOPER & SONS CO. 



MANUFACTURERS OF. 



Cotton Buc!t anb dFabric0 

Hooperwood Mills, 3502 Parkdale Ave., Woodberry 
Baltimore, Maryland 

*^ /kSAII.^ ^ 

HA I. TI M oui:. 



JUNIPER AND CHERRY STS. 
PHILADELPHIA, PA. 



320 BROADWAY 
NEW YORK 



T. HOLT HAYWOOD DEPARTMENT 

FRED^ VIETOR & ACHELIS 



Commission Merch an ts 



65-67 Leonard Street 



New York 



COTTON FABRICS OF ALL DESCRIPTIONS 

for 
Manufacturers -:- Jobbers -:- Converters -:- Exporters 





6:5 


WILLIAM 


ISELIS fif CO. 


COTTON 


GOODS DEPT. 


18-20 THOMAS STREET 


NEW YORK CITY 


Selling Agents S 


outhern Products Exclusively 


DRESS GINGHAMS 


CHAMBRAYS 


CHEVIOTS 


SHEPHERD CHECKS 


OUTINGS 


INDIGO COTTONADES 


SHEETINGS 


OSNABURGS 



HOOPER & CO., LIVERPOOL 
R. H. HOOPER & CO., NEW YORK, HOUSTON, TEXAS, OKLAHOMA 



R. H. HOOPER & COMPANY 

205 MASON BUILDING 
NEW ORLEANS, LA. 



USE MEYER'S ATLANTIC CODE, 39th EDITION, SHEPPERSON'S 1881 TELEPHONE MAIN 3763 



61 











Fred Butterfield & Co., Inc. 

Dry Goods Merchants 

725-727 Broadway 

New York 











N. P. Sloan, President 
H. V. Sloan, Vice-President 
R. J. McKeown, Treasurer 
W. H. Dunn, Secretary 



1829 

Henry Sloan 
1860 

H. Sloan & Sons 



N. P. Sloan Co. 

FORT WORTH, TEXAS 

Main Office: 
310 Chestnut St., Philadelphia, Pa. 

Cotton £@ercl)ant0 
ant) Ciporters^ 

J. H. MuMBOWER, Manager Texas Agency 



New York. N. Y. 
Utica, N. Y. 
Providence, R. I. 
Charlotte, N. C. 
Savannah, Ga. 
Memphis, Tenn. 



Boston, Mass. 
New Bedford, Mass. 
Charleston, S. C. 
Greenville, S. C. 
New Orleans, La. 
Montreal, Canada 



FOREIGN OFFICES 

Den Haag Havre Milan Barcelona 

Osaka, Japan Liverpool 



Codes — Sheppersons 1878-81 
Meyers 39th Ed. 
A. B. C. 5th 
Yopp's 



Cable Address 
SLOAN 



Clarence L. Collins 

& 
Company 

SELLING AGENTS 

Bleached 

Cambj^ics - Muslin - Nainsooks 
Interlinings 

Brown Sheetings 

Drills - Sat teens - Twills 

FOR 

yobbe?'s- Manufacturer s-Exporte?'s 

27-29 THOMAS STREET 
NEW YORK CITY 



JAMES E. REYNOLDS S? CO. 

KSTABLISHED li{6l 

Commission Merchants 
70 THOMAS STREET :: NEW YORK 

SELLING AGENTS FOR 
ALICE COTTON MILLS CLEVELAND MILL & POWER CO. 

ARCADE COTTON MILLS PEERLESS COTTON MILLS 

BEAUMONT MFG. CO. THOMASTON COTTON MILLS 



TEXARKANA 

IN THE MIDST OF IT 

TEX as is the first state in cotton production 
ARK ansas is the fifth state Louisi ANA is the ninth state 

T PYnrhnn n '^ ■''S'^t in the midst of the southwestern 
L tXUf KU UCl cotton area, is on four main trunk lines 

of railway, Missouri Pacific, Cotton Belt, Texas Pacific, and Kansas City 
Southern, with through service to and from the Gulf, the West, Southwest, 
North and Northeast, and is on the line of main highway travel from the 
East and Northeast to the GREAT SOUTHWEST. 

'V oiv^ntrljn^', n is in the midst of a Cotton Growers 

1 ex ar nan a Eiysium, with the black lands of 

Texas and Arkansas e.xtendlng from the west in a half circle to the north and 
northeast of the city, about a half million acres within fifty miles; the RED 
RIVER DELTA LANDS, leveed and drained, extending north, east and 
southeast, a hundred and fifty thousand acres of it in Bowie and Miller 
Counties; and UPLAND SAND-CLAY cotton lands that can make a bale to 
the acre under proper care, better than a bale in the creek bottoms. 
Now we're telling it straight. Come and see. 

TpYnrhnrin ^ ^^^^'" °^ 28,500 people, support four 
± CA^Uf Kunuy cotton oil mills, a big compress, a cotton 

exchange. The latest oil mill and refinery cost two and a half millions. 
Texarkana, a real, live, rustling city, situated in two states and near two 
others, welcomes generously outside capital and enterprise. Come and see. 
Prices are low. There still remains a round hundred thousand acres of sandy 
loam and clay river bottom land, leveed and drained, at a lower price than 
will buy as good land elsewhere. 

Cotton mills will find excellent power in the mountain streams, with abun- 
dant fall and permanent water, fifty odd miles north. Remember, good 
through line transportation in all directions. 
Distributing agencies should be placed here for the Great Southwest. 

T PVnThn'%') n the point TO WHICH the United States 
1 t^ur KUnUj mail service sends mail in solid train loads 

to be distributed FROM HERE to the southward and westward, is the 
logical distribution point for other things also, being PRACTICALLY' AT 
THE JUNCTION OF FOUR POPULOUS STATES AND WITH 
FOUR MAIN TRUNK LINES OF RAILWAY. 

For detailed information address: 

CHAMBER OF COMMERCE Texarkana Ark.-Tex. 



mm, 




(S-crporaUon 

fourth avenue & 22n<) street 
New York. 



The Executive Committee of 
The "Book of the IVorld Cotton Conference 

desire to express their hearty thanks for the liberal manner 

in which the cotton men of the world have co-operated in 

making the book a great success 



66 



Crop Conditions 

are but one of many factof^s affecting the price of 

COTTON 

JVe endeavor to keep our clients in touch with all developments 
having a hearing upon market changes. 

SPECIALIZATION 

in the handling of cotton futures means efficiency. We solicit your 
inquiries and orders and a member oj the firm will personally 
endeavor to furnish you efficient service. 




MEMBERS NEW YORK COTTON EXCHANGE 

27 William Street, New York 



ROBERT M. BUTLER HENRY D. STEVENS CHARLES G. BELL 

ROBERT M. BUTLER, JR. HENRY D. STEVENS, JR. 



Butler^ Stevens & Bell 



COTTON FACTORS 



208 - 214 Bay Street East 



Savannah 



Georgia 



67 



jgeto iBetiforti ^Ijuttle Companp 

NEW BEDFORD, MASS. 

COTTON, WOOLEN AND 

SILK SHUTTLES 

OF ALL KINDS AND 

DESCRIPTIONS 



WE FURNISH SHUTTLES EQUIPPED WITH 

Porcelain anD Enamel l^anD CftreaDing OBpes 

WHICH WILL NOT BREAK IN SERVICE. THE PORCELAIN CAN NOT BE CUT BY ANY SILK FILLING 

SAMPLE SENT UPON REQUEST 



DINSMORE 

Mill Sewing Machines 




A PERFECT SYSTEM 

For joining the ends of Cloth for Cahco Printers, 
Bleachers, Dyers, Manufacturers and Finishers of 
Cotton, Woolen, Knit, Silk, Linen and all Fabrics. 

13 Styles, Send for Illustrated Catalog 

Dinsmore Manutacturing Co. 

SALEM, MASS., U. S. A. 



E. DeF. WILKINSON 
COMPANY 

IMPORTERS AND MANUFACTURERS OF 

Calico Printers^ and 

Engravers' Supplies 

Sole Agents for 
Baker Cotton Blankets for 
Silk and Cotton Printing 

MACKINTOSH and WOOLEN BLANKETS 
ROLLER, SLASHER and CLEARER CLOTHS 

Use Flexible Compound to protect your 
machinery, kiers, vats and walls from 
Acid Fumes, Rust and Moisture 

48 EXCHANGE PLACE 
PROVIDENCE, R. I. 



68 



ELEVEN PER CENT 

OF THE WORLD'S SPINDLES 

Are Located in New England. Boston is the chief direcdng and distribudng 

market for New England and the 

WEBSTER & ATLAS 

NATIONAL BANK OF BOSTON 

One of its oldest and strongest Banks is 
closely idendfied with the Textile Industry 

CAPITAL, $1,000,000 SURPLUS AND PROFITS, $1,630,000 



Amory Eliot, President 
Raymond B. Cox, Vice President Joseph L. Foster, Cashier 

Unexcelled Collection Facilities for Boston Items and Bill of Lading Drafts 

Bankers and Trade Acceptances 
Especially Equipped to Finance Domestic and Foreign Cotton Business 



DIRECTORS 



CHARLES B. BARNES, Attorney 

President Continental Mills (Cotton) 

JOSEPH S. BIGELOW 
Retired 

THEODORE G. BREMER 

William Almy & Co. (Cotton) 

WILLIAM R. CORDINGLEY 

Treasurer Woonsocket Worsted Mills- 
President Cordingley & Co., Inc. (Wool) 

RAYMOND B. COX ' 
Vice President 

AMORY ELIOT 
President 

JOHN W. FARWELL 

Treasurer Farwell Bleachery 
Treasurer Farvvell Mills (Cotton) 
President Nyanza Mills (Cotton) 

ROBERT H. GARDINER 
Trustee 



EDWARD W. GREW 

Meredith & Grew (Real Estate) 

OLIVER HALL 

Vice President Northwestern Leather Co. 

WALTER HUNNEWELL 
Retired 

HOMER B. RICHARDSON 

Treasurer Hill Mfg. Co. (Cotton) 

Treasurer Lewiston Bleachery and Dye Works 

DUDLEY P. ROGERS 

Wm. A. Russell & Bro. (Managing Corp.) 

THOMAS W. THACHER 

Vice President Thacher & Co., Inc. (Shoes) 

WALTER TUFTS 

Vice President and Treasurer National Lead 

Co. of Massachusetts 
Vice President Chadwick-Boston Lead Co. 



69 




Direct World-Wide Banking Facilities 
for World-Wide Business 



'* I ^HE Guaranty Trust Company of New York — with offices in New York, 
London, Liverpool, Paris, and Brussels, and affiliations and connections with 
leading banks throughout the world — offers a direct and comprehensive foreign 
banking service for trade with all countries. 

In addition to these complete facilities for the handling of export and import tran- 
sactions, the Company offers, through its Foreign Trade Bureau, specific commer- 
cial information, by interview or by mail, regarding foreign markets, credits, trade 
policies, financial and economic conditions, shipping facilities, export procedure, 
etc. It endeavors to bring into touch buyers and sellers here and abroad. Its 
facilities are at the disposal of those interested. 

We mvite inquiries regarding the most economical and practical methods for 
financing and developing foreign business. 

We shall be pleased to send our booklet, "Banking Service for Foreign Trade," 
which describes these facilities and services in detail. A list of the various other 
publications of this Company relating to foreign trade will be sent on request. 



Guaranty Trust Company of New York 

New York London Liverpool Paris Brussels 

Capital & Surplus ^50,000,000 Resources over ^800,000,000 



70 











Our Depositors Know 






That Every Financial Service 






is at Their Disposal 






The Foreign Department offers them its fa- 
cilities in financing their business in foreign 






countries. 






The Trust Department gives them advice con- 
cerning matters connected with trusteeships, 
executorships and the care of securities. 






The Bond Department, at all times in close 
contact with the security market and financial 
affairs in general, is always ready to assist them 
in the selection of proper investments. 






Our three offices have fully equipped banking 
and investment departments and modern fire- 
proof safe deposit vaults, and are used inter- 
changeably by our depositors. 






May we not explain to you in person or by mail 
the details of our service? 






Old Colony Trust Company 






Down-Town Office 

17 Court Street 






Temple Place Branch Bay State Branch 
52 Temple Place 222 Boylston Street 






MEMBER OF THE FEDERAL RESERVE SYSTEM 









71 



CURTIS & SANGER 

BOSTON 



NEW YORK=^ CHICAGO ^^S AN FRANCISCO 

PHILADELPHIA 



MEMBERS 

NEW YORK . BOSTON . CHICAGO 

STOCK EXCHANGES 



Commercial Paper 
Textile Corporation Notes 

Investment Securities 

St ocks^^^^-^ Bonds Notes 

Southern Mill Stocks 



33 CONGRESS ST. 49 WALL ST. 129 SO. LA SALLE ST. 

BOSTON, MASS. NEW YORK CHICAGO 




.^ 1^' s fi ff 




FIRST NATIONAL BANK 

HOUSTON, TEXAS 

CAPITAL ------ 12,000,000.00 

SURPLUS ------- 500,000.00 

DEPOSITS ------ 19,000,000.00 



J. T. Scott, President 

F. M. Law, Vice-President 

W. S. Cochran, Vice-President 



OFFICERS 

F. E. Russell, Cashier H. B. Bringhurst, Assistant Cashier 

Geo. G. Timmins, Assistant Cashier J. W. Hazard, Assistant Cashier 

J. L. Russell, Assistant Cashier O. W. Jackson, Assistant Cashier 



DIRECTORS 

J.T.Scott E. A. Peden E. L. Neville F. M. Law W.S.Cochran F.E.Russell F. A. Roc 



73 




THE LIBERTY 

NATIOM4L BANK 
of NEW YORK 




CAPITAL ^3,000,000.00 

SURPLUS 3,000,000.00 

UNDIVIDED PROFITS 1,700,000.00 



OFFICERS 

Harvey D. Gibson, --------- Piesidtiit 

Daniel G. Reid Vice President 

Charles W. Riecks ------- Vice President 

Ernest Stauffen, Jr. ------ Vice President 

Joseph A. Bower -------- Vice President 

James G. Blaine, Jr. ------ Vice President 

Joseph S. Maxwell ------- Vice President 

George Murname - Vice President 

Sidney W. Noyes -------- Vice President 

Frederick W. Walz --------- Cashier 

Frederick P. McGlynn - - - - Assistant Cashier 

Theodore C. Hovey Assistant Cashier 

Louis W. Knowles ------ Assistant Cashier 

John P. Maguire ------- Assistant Cashier 



TEXTILE TRADE and 
BANK ACCEPTANCES 



A proper method of financing ship- 
ments to foreign buyers will permit 
you to do a maximum business 
on your capital and to compete 
with the credit terms offered by the 
exporters of other countries. 



Through the medium of bank 
acceptances it is possible to finance 
domestic transactions and to bor- 
row economically against ware- 
house receipts. 

The dealer receives immediate pay- 
ment upon shipment of his goods. 



Our organization in eight cities can assist you in many ways, including the above. 

Inquiry Invited 

BOND & GOODWIN 



111 Broadway, New York 



New York 
San Francisco 



Boston 

Seattle 



Chicago Minneapolis 

Portland, Oregon Los Angeles 



74 



Nearly Fifty Tears 

Successful Banking in Fort ff^orth 

WIDE EXPERIENCE IN HANDLING COTTON ACCOUNTS 
UNEXCELLED COLLECTION FACILITIES COVERING 
TEXAS AND THE SOUTHWEST 

Established 1873 

THE 

FORT WORTH NATIONAL BANK 

FORT WORTH, TEXAS 

Resources $16,000,000.00 

UNITED STATES DEPOSITORY 



Bank of Commerce 
and Trust Co. 



MEMPHIS 

TENN. 



OFFICERS 

T. O. Vinton . 

R. Brinkley Snowden 

E. L. Rice . 

Fred Collins . 

L. A. Thornton 

Lew Price 

A. C. BuRCHETT 

J. T. Wilkinson 
J. N. FoOTE . 
S. J. Shepherd 
Jas. H. Fisher 
J. R. Pipes . 



President 

Vice-President 

Vice-President 

Vice-President 

Cashier 

Asst. Cashier 

Asst. Cashier 

Asst. Cashier 

. Auditor 

Trust Officer 

Secretary 

Treasurer 



Capital and Surplus 

$3,000,000 



C|)e Cerarfeana 

J^attonal ilanfe 

TEXARKANA, ARKANSAS-TEXAS 

Capital, Surplus and 

Profits - - - - $ 750,000.00 
Resources - - - - $5,000,000.00 



Special Attention Given to Collectiofis 
at Reasonable Rates 



W. R. GRIM, President 

BEN COLLINS, Vice-President 

JNO. W. WHEELER, Cashier 

HAL H. BROWN, Asst. Cashier 



THE 



io 



Textile Mercury 

^ Representative JVeekly Journal for 
all Branches of the Textile Trades 



LARGEST TEXTILE CIRCULATION IN THE WORLD 



OFFICIAL ORGAN OF THE SILK ASSOCIATION 
OF GREAT BRITAIN AND IRELAND 





The 




Tht 


Ik 


Cotton Year Book 




Wool Year Book 




ISSUED EACH AUTUMN 

These books review the Cotton and 
Wool Industries, give comprehensive de- 
scriptions of processes of Manufacture 
from Raw Material to Finished Product, 
and include descriptions of the latest 
Machinery and Inventions. 

USED AS TEXT-BOOKS IN TEXTILE COLLEGES 

1 





Published by 

MARSDEN & CO., LTD. 
Carr Street, Blackfriars Street, Manchester 
London Office, 10 & 11 Fetter Lane, E.C.2 

CONTINENTAL AND AMERICAN AGENTS FAR EASTERN ADVERTISING AGENCY 

ACHILLE BAUDOUIN, LTD. 7, HARIMA MACHI 

5, COPTHALL COURT, LONDON KOBE, JAPAN 

AMERICAN PUBLISHERS 

THE BRAGDON, LORD & NAGLE CO. 
334, FOURTH AVENUE, NEW YORK 



76 



ESTABLISHED IN 1856 



HENRY HENTZ & CO. 



Commi00ion jBercljants 

22 WILLIAM STREET 35 CONGRESS STREET 

NEW YORK BOSTON, MASS. 

Cable Address, Hentz, New York 

Execute Orders for Future Delivery 

COTTON 

At the New York, New Orleans and Liverpool Exchanges 



MEMBERS OF 

NEW YORK COTTON EXCHANGE NEW YORK COFFEE AND SUGAR EXCHANGE, Inc 

NEW YORK STOCK EXCHANGE NEW YORK PRODUCE EXCHANGE 

CHICAGO BOARD OF TRADE 

ASSOCIATE MEMBERS OF LIVERPOOL COTTON ASSOCIATION 



i i 




AMERICA must clothe the world 

The world's needs of cotton, raw and manufactured, 
are greater today than ever. 

America is the principal source of supply, growing 
more than half of the world's annual crop. 

This year's cotton yield is smaller than the average. 
Prices rule high and marketing costs have increased. 
Financing shipments under these conditions requires the 
closest banking co-operation 

The National Shawmut Bank of Boston has always had 
an important part in the movement of the cotton crop. 
Our Foreign Department is in direct touch with the cot- 
ton trade centers, and this Bank will finance shipments, 
import as well as export, from the cotton fields of the 
South or far-ofT Egypt to the mills of New England or 
elsewhere at home and abroad. 

Shawmut Service offers a distinct advantage to cotton 
shippers and manufacturers. It meets every demand to 
facilitate the handling of the cotton crop. It is distin- 
guished for its completeness and thorough practicality. 

THE NATIONAL SHAWMUT BANK of Boston 

Resources over $200,000,000 

Correspondence invited. Our booklets ''Acceptances" and ''The Webb Law" 
explain methods of financing and developing foreign trade. Write for copies. 




78 



8 



JAPAN COTTON TRADING 
COMPANY OF TEXAS 



Cotton Exporters 



FORT WORTH, TEXAS 



Cable Address, " Menkwa Fort Worth " 



New Orleans, La. 
Seattle, Wash. 
Abilene, Texas 



AGENCIES 

New York City 

San Antonio, Texas 
Waco, Texas 
Greenville, Texas 



Brownwood, Texas 
Oklahoma City, Okla. 
Hobart, Okla. 



AGENCY FOR 

NIPPON MENKWA KABUSHIKI KAISHA 

(The Japan Cotton Trading Co., Ltd.) 

OSAKA, JAPAN 



79 



SANDERS &f CO. 

I 

CO TTON 



HOUSTON 



TEXAS 



Cable Address "Jacksand" 



CALDER & 
RICHMOND 



Cotton 



^^^^^^^^^^^^^^ 



Providence, R. I. 

Boston, Mass. 



J. B. Harris 
H. B. Allison 



A. D. Campbell 
W. 0. Butler, Jr. 



HarriSjAUison^Co. 

Cotton 

MONTGOMERY, ALA. 

MONTGOMERY, ALA. MOBILE, ALA. 

PENSACOLA, FLA. 



Codes: 

Meyer's Atlantic, 39th Ed. 

Shepperson's 1881 and 1878 



Cable Address: 
Haral 



80 



rOM n OfTENS 




CO, 



COTTON 



FORT WORTH 



TEXAS 



CABLE ADDRESS 
"OWENS" 



CODES: SHEPPERSON'S 1878-1881 
MEYER'S 39th AND 40th 



The Heyward- 

Williams Co. 

Cotton Factors and 
Commission Merch an ts 

FERTILIZERS 
BAGGING AND TIES 

Selling Agents for 
G. OBER & SONS CO. 

High Grade Fertilizers 

SAVANNAH, GEORGIA 



JOHN F. STREET 
& COMPANY 

Cotton Yarn 
Commission Merch an ts 

Selling Agents for 

Cotton Yarns 



FOR HOME AND EXPORT 
All Numbers and Descriptions 

12 SOUTH WATER STREET 
PROVIDENCE, R. I. 

CHICAGO — 614 Medinah Temple 

PHILADELPHIA — 241 Chestnut Street 

NEW YORK— 43 Leonard Street 



81 



A. A. PATON & CO 



COTTON EXCHANGE BLDG, 



DALLAS, TEXAS 



PATON, MACLARAN &f CO, LIVERPOOL, England 



Felix P. Bath 6P Co. 



Cotton 
Merchants 



FORT WORTH, TEXAS 
HOUSTON, TEXAS 
OKLAHOMA CITY, OKLA. 



A. R. Hudson 



C. P. TwiFORD 



A. R. Hudson & Co. 



BUYERS AND EXPORTERS 



Cotton 



Rivers, Benders and Extra Staples 
A Specialty 



PERSONAL SUPERVISION GIVEN ALL SHIPMENTS 



MEMPHIS - TENN. 



Cable Address, "HUDSON" 



82 



FRANZ BRASS 

COTTON BROKER 



DALLAS, TEXAS 



Shirtings 
Exclusively 
Since 1881 



E. Milius & Co. 

64-66 IFhite Street 

New York, N, Y. 



S. D. Bush 

President 



A. E. Brown T. F. Bush 

Secy, and Treas. Vice-President 

Cable Address — "WiBUs" 






Bush S^ Witherspoon Co. 
COTTON 



WACO 



TEXAS 






MEMBER 
NEW YORK COTTON EXCHANGE 

NEW ORLEANS COTTON EXCHANGE 

TEXAS COTTON ASSOCIATION 

ASSOCIATE MEMBER LIVERPOOL COTTON ASSOCIATION 



Exporters and Domestic Shippers 



Barnwell ^ Company 



Cotton Merchants 



104 South Front Street 
MEMPHIS, TENN. 



Established in Mississippi 1886 



83 



All orders and enquiries given 
prompt and careful attention 



J. R. Sanders, Jr., Agency 



Cotton 



F. 0. B. Business a Specialty 



PINE BLUFF, ARKANSAS 



S. M. BULLEY & SON 



Cotton 



LIVERPOOL MANCHESTER 

HAVRE 
DALLAS, TEXAS SAVANNAH, GA. NEW ORLEANS, LA. 



84 



Cable Address: 
"LYNDOUGH" 



P. O. Box 793 



L. G. Doughty 
B. T. Lowe 



L. G. Doughty & Company 



COTTON 



Established 1893 



Main Office: AUGUSTA 



Branch Office: ATHENS 



Augusta 






Georgia 



J. J. LowREY E. L. Edmonson Floyd Willis 

J. J. Lowrey & Co. 

836 COMMON ST., NEW ORLEANS, LA. 

Cotton 
Merchants 

AUGUSTA, GA. 

Western Offices 
Galveston, Texas Paris, Texas 

Greenville, Texas Durant, Okla. 

Selling Agencies 

Liverpool, England Havre, France 

Milan, Italy 



S. L. WEST 



W. E. WEST 



West Brothers 



Cotton 



GREENVILLE, TEXAS 



Codes: MEYERS 39 

SHEPPERSON 78 



PHONE 

LONG DISTANCE 
L D 10 and 39 



85 



H. T. WILLIAMS & COMPANY 

FORT WORTH, TEXAS 



WILLIAMS, WILSON & COMPANY 

LIVERPOOL, ENGLAND 



COTTON 



CODES: MEYER'S 39th EDITION, SHEPPERSON'S 78th AND 81st EDITIONS 



HUNTER & CO. 

Brokers 

F. O. B. COTTON AND 

OCEAN FREIGHTS 

Savannah, Ga. 



ZIBA BENNITT 
& COMPANY 



INCORPORATED 



Cotton Buyers 



We Specialize in Arkansas River 
Bottom Staple Cotton 



PINE BLUFF, ARK. 



CABLE ADDRESS "BENNITT" 



86 



HARRISS, IRBY AND VOSE 



Cotton jWercI)ant0 



15 WILLIAM STREET 



NEW YORK CITY 



MEMBERS 

New York Cotton Exchange 

New Orleans Cotton Exchange 



Galveston, Texas 



SOUTHERN OFFICES 

New Orleans. Louisiana 



Savannah, Georgia 



NEW ENGLAND OFFICES 
Fall River, Mass. Boston, Mass. 



EUROPEAN OFFICES 
Havre, France Milan, Italy 



87 



EVANS & COMPANY 

Cotton 



HOUSTON, TEXAS 



ALL KINDS OF COTTON GROWN IN TEXAS 



Cable Address 
" Evans " 



Members 
Texas Cotton Association 
Houston Cotton Exchange 
New Orleans Cotton Exchange 



W. Branford Frost 



DwiGHT H. Gadsden 



E. H. FROST & CO. 

Factors and General 

Commission Merchants 



MAKE A SPECIALTY OF 
HANDLING EXTRA 
STAPLE UPLAND COTTON 



Adger's North Wharf 
CHARLESTON - S. C, 



T. L. SMITH 

BROKER 

Cotton ^eeti ^roDutts 

FERTILIZER MATERIALS 
IRREGULAR COTTON 

BAGS 
BAGGING 
TIES 
COAL 

402-3-4 Farley Building 
BIRMINGHAM, ALA. 



Code: — YOPP'S 

ROBINSON'S 



88 



W. M. HANNAY & CO. 
Cotton ^Supers anD €tporters 

Head Office: MEMPHIS, TENN. 

SAVANNAH DALLAS NEW ORLEANS MONTREAL NEW YORK 



JACOB S. BERNHEIMER & 

BROTHER 



^^iSiSiSJi^l^l-il^l'AJUULClCl^^^ 



Converters of Cotton Goods 



'i ^juuuuuuuuuuu: iJi<^^^ 



Textiles for all the markets of the world 

CORNER WHITE AND CHURCH STREETS, NEW YORK 

SOLE AGENTS, MULHOUSE MILLS 



(manufacturing! TEXAS I STATIONERS) 
WE SPECIALIZE IN COTTON SUPPLIES 



89 



ANDERSON, CLAYTON & 

COMPANY 



Cotton ^erti)ant^ 



OKLAHOMA CITY 
HOUSTON 



SAVANNAH 
ATLANTA 



NEW ORLEANS 
BOSTON 



ANDERSON, CLAYTON & FLEMING 



15 William Street, New York, N. Y. 



Members: 
New York Cotton Exchange 
New Orleans Cotton Exchange 



Associate Members: 
Liverpool Cotton Association, Ltd. 



90 



J. H. LANE & COMPANY 

INCORPORATED 

NEW YORK 

SELLING AGENTS FOR 

Cotton jBill 3Protiuct0 

BOSTON CHICAGO 



ESTABLISHED 1878 

NEIL P. ANDERSON & CO, 



I iScirtt) CeM0 anti f 
I ©felat)oma Cottons f 



FORT WORTH, TEXAS 



91 



Lockhtirt & Company 

Cotton 



GREENVILLE, TEXAS 
LIVERPOOL, ENG. 
BOSTON, MASS. 
CHARLOTTE, N. C. 



AD. HAMBERG 

PRESIDENT 



HAROLD HAMBERG 
sec'y and treas. 



AD. HAMBERG 
& CO. 

COTTON 



224 E. Third Street 
LITTLE ROCK - ARK. 



T. A. FRANCIS 
& CO. 

American Sea Island Egyptian 



Cotton 



Providence, R. I. 

Boston, Mass. New Bedford, Mass. 

CABLE ADDRESS 
. FRANCIS — PROVIDENCE 



92 




GOSHO COMPANY 

INCORPORATED 

FORT WORTH, TEXAS 

CABLE ADDRESS "GOSHO" 



Branch Offices and Agencies 

NEW YORK, N. Y. SEATTLE, WASH. AUSTIN, TEXAS 

NEW ORLEANS, LA. WACO, TEXAS GREENVILLE, TEXAS 

SHREVEPORT, LA. GALVESTON, TEXAS PARIS, TEXAS 

CORSICANA, TEXAS 



Agency : = GO'S^O KABUSHIKI KAISHA 
Head Office : = OSAKA, JAPAN 

ff^ith Branches 

YOKOHAMA KOBE TSINGTAU TIENTSIN SHANGHAI 

HANKOW BOMBAY CALCUTTA NEW YORK 



93 



E. S. FLINT & COMPANY 



>S SS ■« »S Si »! S« SK S5i :»5 JS »i ^5t Si Si JP S« ;■» 

<S» iuv» <it> ia* 'ij* "ux^ <ii* w «S* i<ii> <iffi> «t» »ii» <<i.w «tt» sttJ i4.t)> #1 

COTTON 






GALVESTON 



TEXAS 



CABLE ADDRESS " LAMMFLINT " 



Cable Address 
SEAY 



Codes: 

Meyers 39th Editions 

Sheppersons 78 and 81 Editions 



H. SEAY & 
COMPANY 



Cotton 



GREENVILLE, TEXAS 



MEMBERS 
NEW ORLEANS COTTON EXCHANGE 



T. M. Wilson, President G. H. Pape, Vice Pres. 13 Treas. 

C. A. Nabors, Vice Pres. & Secty. 

Wilson, Nabors 
& Pape, Inc. 



i Cotton i 



Waco 



Texas 



Members New Orleans 
Cotton Exchange and 
Texas Cotton Association 



Cable Address 
" Wilnapa" 



94 



E. SEVILLA & SON 



Cotton C^portetjS 



GALVESTON AND FORT WORTH, TEXAS 



MAIN OFFICE; GALVESTON, TEXAS 
CABLE ADDRESS "SEVILLA," GALVESTON 



BENNETT, TARLTON & COMPANY 

COTTON 
EXPORT DOMESTIC 

AUSTIN, TEXAS 

BRANCH OFFICES — NEW YORK, NEW ORLEANS 



95 











A. B. GWATHMEY, Jr. WILLIAM MITCHELL 
EDWARD K. CONE E. E. BARTLETT, Jr. 

Gwathmey & Co. 


' 


Cotton l&rofeer0 

20, 22, 24 EXCHANGE PLACE, NEW YORK 

BRANCH OFFICE, 475 FIFTH AVENUE 

MEMBERS OF 

New York Cotton Exchange New Orleans Cotton Exchange 
New York. Stock Exchange New York Coffee and Sugar Exchange 
New York Produce Exchange Chicago Board of Trade 
Associate Members Liverpool Cotton Association 

Special attention given to hedging orders in 

''Futures" for Cotton Merchants 

Spinners and Manufacturers 

• 

Cable Address "Zagonella" 









96 



"IRON BRyiND" CANVAS 



WILLIAM ALSBERG 
& CO. 

IMPORTERS AND CONVERTERS OF 

Cotton Goods J Cotton Linings 
and Canvas 

826 and 828 Broadway 
NEW YORK 



WACOM ARE FABRICS 



VON HARTEN 
& CLARK, Inc. 




Export 



Domestic 



GALVESTON 
TEXAS 



KING, COLLIE & COMPANY 



COTTON 



DALLAS 



TEXAS 



CABLE ADDRESS "ELKING" 
CODES: MEYERS ATLANTIC, 39™; PRACTICAL CODE; SHEPPERSON'S 1878 AND 1881 



Sol. Friedman & Co. 



97 



Converters of Cotton Goods 

for the 

Clothing and Cloak Trades 



Ashton Mills Department 
Ashley Brand Black and Colored Twills and Sateens 

TELEPHONE SPRING 9660 



12-14 W. Third Street 



New York City 



New Bedford Storage Warehouse Co, 



NEW BEDFORD, MASSACHUSETTS 



COTTON STORAGE 



Large Modern Sprinklered Buildings, Modern Equipment, Low Insurance 
Rates, Railroad and Steamboat Connections 



William M. Butler, President 
Howard C. Dyer, Assistant Treasurer 



Clarence R. OBrion, Treasurer and General Manager 
John J. Gobell, Assistant General Manager 



98 



Arthur C. Almy 
President 



G. Kenneth Earle 
Treasurer 



Arthur C. Almy 
Company 

Cotton 



89 State Street, Boston, Mass. 
4 Market Square, Providence, R. I. 



E. H. PERRY 
& COMPANY 

Cotton Merchants 
and Exporters 

AUSTIN, TEXAS 

SHIPPERS OF 

NORTH AND SOUTH TEXAS COTTON. 

STAPLES A SPECIALTY 

Branch Office and Warehouse: GALVESTON, TEXAS 
Cable Address, "PERRY" 



COTTON CONCENTRATION 
COMPANY, Inc. 



GALVESTON 



TEXAS 



The largest warehousemen and concentrators of cotton in the South. We issue 
negotiable warehouse receipts good anywhere 

Galveston, the largest Cotton Port in the world offers every modern facility for 
the quick and efficient handling of cotton 



REFERENCES: 



NATIONAL CITY BANK, NEW YORK CITY 
HUTCHINGS, SEALY & CO., GALVESTON, TEXAS 



GEO. SEALY, President 

R. W. SMITH, Vice-President 



Write for Literature 



official Report 

World Cotton Conference 

New Orleans, Louisiana 
October 13. 14, 15, 16. 1919 




Published by the Executive Committee 
45 Milk Street, Boston, Massachusetts 

1919 



0^oP 



I 

TABLE OF CONTENTS y/(^ 



PAGE 

OPENING ADDRESSES AND RULES OF PROCEDURE loi 

ADDRESSES: 

The World's Future Requirements of Cotton. . .John A. Todd io6 

New Sources of Cotton Production Dwight B. Heard 107 

Stabilizing the Price of Cotton Theodore H. Price iii 

The Necessity of Profitable Prices to the 

Producer J. Skottozve Wannaniaker 114 

Securing Better Cotton by Seed Selection E. C. Ewing 122 

The Growing of Cotton John M. Parker 125 

Producing Better Cotton by Better Farming. . .Dr. Bradford Knapp 127 

The Need for Uniform Baling Jesse Thorp 132 

The Compressing of Cotton W. D. Nesbitt 135 

The Problem of Country Damage E. A. Calvin 138 

The Warehousing of Cotton Colonel William B. Thompson 143 

The Transportation of Cotton JV. S. Turner 144 

The Insurance of Cotton Milton Dargan ~ 147 

Warehouse Receipts and Cotton Loans J. Hozvard Ardrey 150 

Uniform Classification of Cotton D. S, Murph 156 

Buying Cotton for Future Delivery Randall N. Durfee 160 

Improved Methods of Financing Cotton John Bolinger 167 

The Value of Statistics S. L. Rogers 170 

International System of Reports and Statis- 
tics 0. P. Austin 174 

International Trade in Cotton Yarns Thomas Walker Page 176 

Research in the Textile Industry E. D. Walen 178 

Textile Machinery Requirements of the 

Immediate Future E. Kent Swift 181 

Permanent Organization of Participants W. Irving Bullard 183 

RESOLUTIONS AND REPORTS 189 

CONSTITUTION 195 

OFFICERS OF THE PERMANENT ORGANIZATION 196 

APPENDIX A 197 



APPENDIX B 



198 






OFFICERS AND COMMITTEES 



EXECUTIVE COMMITTEE IN CHARGE OF PRELIMINARY 
ARRANGEMENTS 

James R. MacColl, Chairman 

J. D. Hammett, Fice Chairman 

John T. Scott, Vice Chairman 

Sidney Y. West, Treasurer 

RuFUS R. Wilson, Secretary 

E. A. Calvin, Texas 

John F. Clark, Louisiana 

J. H. Dubose, Tennessee 

John P. Farnsworth, Rhode Island 

George E. Hale, California 

Harvie Jordan, Georgia 

T. F. Justiss, Texas 

Walter H. Langshaw, Massachusetts 

W. E. Mallalieu, New York 

W. Frank Shove, Massachusetts 

Julius Siegbert, Nezv Tork 

Thomas W. Slocum, New Tork 

Edgar B. Stern, Louisiana 

Charles L. Tarver, Texas 

William B. Thompson, Louisiana 

W. G. Turner, Tennessee 

GENERAL COMMITTEE 



James R. MacColl, 

Chairman 
Rufus R. Wilson, 

Secretary 
Bertram H. Borden 
Sir a. Herbert Dixon 
Harvie Jordan 
T. F. Justiss 
J. J. Lawton 



W. D. Nesbitt 
John M. Parker 
Samuel L. Rogers 
M. J. Sanders 
P. H. Saunders 
W. Frank Shove 
John A. Simpson 
John A. Todd 
W. G. Turner 



WORLD'S REQUIREMENTS AND STABILIZING 
PRODUCTION AND PRICES 

John A. Todd 1 ~ ■ . ^l ■ 

J. Skottowe Wannamaker J ^^^^ airmen 



United States 



Frederic Amory 

Albert Farwell Bemis 

J. W. Biard 

R. D. Bowen 

J. J. Brown 

Dr. H. J. Byers 

David Clark 

h. m. cottrell 

Fred Davis 

Charles A. Francis 

H. R. Gould 

J. Temple Gwathmey 

D. B. Heard 

John H. Holt 

L. B.* Jackson 



Bradford A. Knapp 
R. M. MixsoN 
H. Arthur Morgan 
Sylvan Newberger 
J. E. Pearson 
Theodore H. Price 
T. H. Rennie 
Fred Roberts 

W. C. RUFFIN 

William H. Schill 
Arthur W. Simpson 
John A. Simpson 
Walter Stern 

C. C. Tv^ITTY 

Thomas Wilkinson 



Foreign 



Paolo Alberzoni 
J. H. Clegg 

F. FONTINILLS 

H. K. Gill 
Fred Holroyd 



J. Barber Lomax 
Max von Martini 
H. Noble 
James Smith 
H. P. Taveira 



Erwin W. Thompson, Secretary 



GROWING OF COTTON, SEED SELECTION, 
METHODS OF CULTIVATION AND PICKING 

E. a. Calvin \ ^ ■ ^ ni ■ 

J. M. Thomas / ^''''' Chairmen 



Oscar Bloodshaw 
J. W. Carson 
C. W. Coker 
Morris L. Comey 
A. Curtis 
George Delano 
E. C. EWING 
Oscar P. Geren 
Thomas F. Glennon 
P. H. Hanes, Jr. 



J. S. Addison 
H. Cooper 
John Crompton 
T. E. Gartside 
Albert Moos 



United States 

George S. Harris 

w. e. hotchkiss 

L. E. Howard 

E. W. Hudson 

W. W. Morrison 

Alfred Penn 

William Polk 

J. W. Sanders 

Dr. Andrew M. Soule 

G. E. Thompson 



Foreign 



GuiDO RoSSATI 

J. M. Thomas 
H. P. Taveira 
Professor John A. Todd 



Walton Peteet, Secretary 



GINNING, UNIFORM BALING AND COMPRESSING 

Harvie Jordan 1 .v • , /-.z • 
Fred Holroyd ^''''' Chairmen 



United States 



A. M. Allen 
A. C. Beane 
G. R. Bennett 
J. J. Bradley 
S. T. Carnes 
John F. Clark 
Walter Colbert 
R. R. Dancy 
J. A. Davis 

J. B. FORTSON 

D. A. Gregg 
Charles L. Grunder 
C. C. Hanson 
Frank E. Heyner 
W. H. Hodges 
H. L. HousER 
Paul Jones 
T. F. Justiss 



Charles E. Levy 
Joseph W. Lewis 
R. E. LiGON 
A. B. Linte 
Adam Lorch 
Russell B. Lowe 
William B. MacColl 
R. M. Mixson 
J. W. Morse 
J. W. Oberfield 
T. J. Shackelford 
A. B. Stack 
War.d Templeman 
W. G. Turner 
T. L. Wainwright 
R. E. Lee Wilson 
George S. Yerger 



102 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



Foreign 



Jose Pasqual del Probil 

Y Ametiller 
J. S. Addison 
H. Cooper 
Etienne Denis 
Arthur Foster 



Albert Frua 
Fred Holroyd 
J. Barber Lomax 
Ole Morch 
Jesse Thorp 
f. a. tomlinson 



Fred Roberts, Secretary 
WAREHOUSING AND COUNTRY DAMAGE 

Marshall Stevens 
L. K. Salsbury 



Joint Chairmen 



United States 



T. B. Bate 

M. L. Cannon 
H. L. Chaddick 

C. L. Cobb 

W. B. Drake, Jr. 
Randall N. Durfee 
Joseph W. Evans 
George W. Fraker 
M. B. Gautreau 

D. A. Gregg 

W. L. Hemingway 
Allen F. Johnson 



Percy H. Johnston 
J. J. Lobrano 
B. L. Mallory 
W. M. Markell 
H. W. McQueen 
J. A. Morse 
Emslie Nicholson 
T. B. Parker 

E. D. RODEY 

J. B. Samuels 
Edwin G. Seibels 
Harry D. Wilson 



Foreign 



D. H. Andrew Alfonso Par 
Paul A. Gugelmann H. Robinson 

E. Ramsey Moodie J. M. Thomas 
Thomas Morley 

Charles H. Ely, Secretary 

TRANSPORTATION AND INSURANCE 

James D. Hammett \ ^ ■ , m ■ 

^ T-, > ioint Lhairmen 

Etienne Denis -^ 



United States 



Robert Amory 
Samuel Bird 
Merrell p. Callaway 
Frank Carpenter 
Milton Dargan 

A. M. Denbo 
John E. Finke, Jr. 

B. E. Geer 
Carl A. Giessow 
d. m. goodwyn 
George S. Kausler 
W. E. Mallalieu 

B. E. Marks 

H. M. Gibson 

C. J. Bergh 
Emil Hernych 
GuiDO Pedrazzini 



Foreign 



George E. Milner 
H. W. Morrison 
Walter Parker 
T. H. Pointer, Jr. 
Elias Porter 
M. J. Sanders 
Edwin G. Seibels 
T. J. Schackleford 
Bill L. Sheeley 
D. L. Taylor 
Samuel W. Weis 
C. S. Wilkinson 
Charles F. Wood 



J. P. RODIER 

Sir James Hope Simpson 
Jesse Thorpe 
r. worswick 



George W. Forrester, Secretary 

BUYING AND SELLING, EQUITABLE TARE, 
NET WEIGHT 

Charles T. Plunkett 1 ^^ • , ^7 • 
Edward B. Orme \ Joint Chairmen 



J. M. Anderson 
S. Y. Austin 



United States 



Silas L Hyman 
James M. Kirk 



W. E. Beattie 
W. L. Clayton 
F. M. Crump 
F. A. Feather 

J. B. FORTSON 

LuciEN Gautreau 
W. A. Graham 
Archibald B. Gwathmey 
Samuel T. Hubbard, Jr. 



Foreign 



Haakon Blikstad 
J. Charnock 
T. Hadfield 
Richard Hamer 
Fernand Hanus 



James McDowell 
B. F. McClatchie 
T. S. Raworth 

E. A. Parker 
W. P. Stewart 
M. P. Sturdivant 
Charles L. Tarver 
James Thomson 

A. M. West 

O. Mallalieu 
Andre Roy 
Edoardo Stradella 

F. A. Tomlinson 



H. Robinson, Secretary 

EXCHANGES, CLASSIFICATIONS, CONTRACTS, 
SPECULATION 

Arthur R. Marsh \ ^ • , ni ■ 

I? T) i\/r } joint Lhairmen 

E. Ramsey Moodie f ■' 



United States 



Nathaniel F. Ayer 

J. W. Barkdull 

L H. Barnwell 

Robert Burgess 

Thomas C. Burke 

E. S. Butler 

R. L. Crittenden 

Albert Greene Duncan 

C. A. Francis 

E. J. Glenny 

John Hopkins 

Foreign 
Guiseppe Casali 
Captain Charles Clerc 
G. A. Heginbottom 
Alfredo Ramoneda Holder 
A. B. Ireland 



Walter L. Johnson 
A. W. McLellan 

W. E. MiKELL 

A. J. Myers 
S. F. Patterson 
A. W. Smith 
Edward M. Weld 
S. J. White 
James N. William- 
son, Jr. 



E. L. Paget 
Colonel J. J. 

Shute, D. S. O. 
H. P. Taveira 
J. Whitman 



D. S. Murph, Secretary 

FINANCING, FOREIGN CREDITS AND EXPORTS 
Sir James Hope Simpson 



John T. Scott 



Joint Chairmen 



United States 



Leopold S. Bache 
Howard Baetjer 
John Bolinger 
John E. Bouden, Jr. 
J. A. Brown 
John A. Cavanaugh 
John Clausen 
C. P. Clifford 
Irving W. Cook 
George O. Draper 
W. E. Garner 
Beverly D. Harris 
Hayden B. Harris 
R. S. Hecht 

S. A. Brooks 
Barrowdale Carryer 



Foreign 



William P. Jenks 
Percy H. Johnston 
Ed Lasater 
Robert Lassiter 
John S. Lawrence 
D. E. Lyday 
John E. McLoughlin 
R. E. Moore 
Alexander Phillips 
L. M. Pool 
P. H. Saunders 
Ridley Watts 
Oscar Wells 



O. J. Morch. 
Giorgio Mylius 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 103 



W. R. Crane 

C. DUKINFIELD 

Sir Joseph Barton 

de dobenin 
Jean Fauchille 
Arthur Foster 
J. T. Gee 
Giuseppe Edmondo Hess 



Daniel A. de Menocal 
M. DE Smet de Nayer 

E. B. Orme 

Jose Nunes dos Santos 
H. P. Taveira 

F. A. Tomlinson 
Hendrik Visser 
NicoLAY Young 



W. Irving Bullard, Secretary 



RESEARCH, REPORTS AND STATISTICS - 
INTERNATIONAL AND DOMESTIC 

Henry G. Hester 1 cv , ^7 • 

c T T) ) joint Lhairnien 

Samuel L. Rogers j -' 



United States 



Morgan Butler 
Dr. W. R. Cathcart 
W. R. Crane 
W. A. Graham Clark 
C. Wharton Collins 
j. j. culbertson 
Daniel E. Douty 
Leon M. Estabrook 
s. a. fortson 
Louis N. Geldert 
Ralph H. Hubbard 
A. E. Jury 



Foreign 



F. W. Barrick 
C. Dukinfield 
H. P. Greg 
Max Keffler 
H. Ledeboer 
Clare Lees 
Arno S. Pearse 



Edwin H. Marble 

F. R. McGowAN 

G. T. McEldery 
William A. McRae 
Robert S. Mebane 

W. B. MUNSON, Jr. 

D. S. Murph 
J. W. Stell 
P. H. O'Reilly 
Henry Plauche 
S. C. Thomas 
H. J. Zimmerman 

Umberto Ricci 
GuiDO Rossati 
J. Sugden Smith 
John Taylor 
F. Thornber 
Professor A. J. Turner 
Thomas Waburton 



Harrison E. Howe, Secretary 



PERMANENT ORGANIZATION 

Sir A. Herbert Dixon \ ^ ■ , r^i ■ 
Fuller E. Callaway ]Joint Chairmen 

United States 

J. A. Bailey E. T. Lee 

Charles S. Barrett W. E. Mikell 

A. Brittin Nig Frank Nasmith 

W. Irving Bullard J. S. Pleasants 

Chauncy Butler John E. Rousmaniere 

A. Y. Chandler Henry H. Royce 

George W. Clay J. E. Rogers 

J. W. Cone W. Frank Shove 



A. B. Davidson 
Frank J. Dutcher 
Bayliss E. Harris 
John A. Law 
J. J. Lawton 



Harold Cliff 
Anus Filameur 
T. N. Grant 
Fritz Jenny 
Frank Moore 



George M. Shutt 
Julius Siegbert 
William Mason Smith 
E. Kent Swift 
C. B. Thorn 

Foreign 

Colonel J. J Shute, D. S. 0. 
Captain Pietro Terrugia 
J. T. Walmsley 

R. WORSWICK 



W. J. Leppert, Secretary 

STANDING COMMITTEE OF COTTON-GROWERS 

APPOINTED FOR THE PURPOSE OF CONFERRING 

WITH COTTON SPINNERS 

DwiGHT B. Heard, Phoenix, Arizona, Chairman 

R. D. Bowen, Paris, Texas, Vice-Chairman 

Harry D. Wilson, Baton Rouge, Louisiana, Secretary 

J. N. McCoLLiSTER, Many, Louisiana 

A. H. Stone, Mississippi 

J. A. Bailey, Bailey, Mississippi 

W. A. Graham, Raleigh, North Carolina 

L. E. Howard, Arkansas 

J. H. Mills, Jenkinsburg, Georgia 

J. E. Pearson, Dodd City, Texas 

N. R. DoRSEY, Henderson, Texas 

O. P. Ford, McFall, Alabama 

Frank Carpenter, Bridgeport, Oklahoma 

G. A. Hyde, Alva, Oklahoma 

Dr. H. T. Byers, Missouri 

J. H. Claffey, Orangeburg, South Carolina 

H. Q. Alexander, Matthews, North Carolina 

W. A. Bowen, Arlington, Texas 

J. L. Shepherd, Pomona, Florida 

J. W. BiARD, Paris, Texas 

OFFICERS OF THE CONFERENCE 

President: William B. Thompson, New Orleans 

Vice President: Frank M. Crump, Memphis 

Vice President: Giorgio Mylius, Italy 

Vice President: Sir Frank Warner, England 

Vice President: Maurice de Smet de Nayer, Belgium 

Vice President: Charles Clerc, France 

Executive Secretary: Emile V. Stier, Louisiana 

Recording Secretary: Winston D. Adams, North Carolina 

First Assistant Secretary: Arno S. Pearse, England 

Assistant Secretary: Eugene P. Gum, Oklahoma 

Assistant Secretary: W. S. Turner, Arkansas 

Assistant Secretary: R. C. Dickerson, Texas 

Assistant Secretary: H. Arthur Morgan, Louisiana 



PROCEEDINGS AND ADDRESSES 



FIRST SESSION 
Monday, October 13, 1919 

11.30 o'clock A.M. 

The meeting was called to order by James R. MacColl, 
Chairman of the Executive Committee of the Confer- 
ence. An invocation was offered by the Right Reverend 
J. M. Laval, alter which Mr. MacColl delivered the fol- 
lowing address: 

Mr. MacColl: Will you permit me to state briefly 
some of the reasons why we have assembled in this Con- 
ference, and some of the things that we hope to 
accomplish ? 

Millions of people depend for their living on the cotton 
industry, and the whole civilized human family are users 
of cotton. In war, as well as in peace, cotton is a vital 
factor. The eleven business interests participating in this 
Conference, beginning with the growers and ending with 
the textile merchants, all have some responsibility in rela- 
tion to the welfare of mankind, and none is justified in 
holding narrow and selfish views which omit to recognize 
the rights of the other classes of business interests or of 
the world-wide consumers. 

Although the great war is partially over, the poet's 
dream of a time when "universal peace shall lie like a 
shaft of light across the land" is still far from realization. 
The war has upset and changed every form of human 
activity and endeavor. It seems, therefore, to be an appro- 
priate time to hold a World Cotton Conference to the end 
that, by mutual intercourse and personal contact, the 
problems relating to cotton may be better understood, 
and progress made in accomplishing reforms that are 
urgently needed. It is a good time to brush aside old and 
inefficient methods. The economic world is being recon- 
structed. The cotton industry cannot stand still, but 
must jom in the forward march. If we enter into this 
Conference with open minds, free from any selfish motive, 
discussing matters in a frank and fair-minded spirit, we 
shall undoubtedly arrive at conclusions that are well worth 
while. On some points we must expect radically different 
opinions to be expressed, but, if our only aim is to pro- 
mote the best interests of the cotton industry, our 
Conference is sure to result beneficially. 

One of the most important subjects to be considered 
is an adequate supply of cotton to meet the world's 
increasing needs. The spinners of the world want to 
know to what extent they can rely upon the Southern 
states to supply the cotton required. The growers will 
undoubtedly point out to the spinners that there is only 
one way to secure an adequate supply of cotton, and that 
is to pay a price that will yield as large a return as can be 
derived from other products of the soil and that is in har- 
mony with the profits being made in the later processes of 
manufacturing and merchandising. If acreage is not to 
increase, but perchance to be diminished, and weather 
conditions continue similar to recent years, there is a real 
danger of a cotton famine which would stop millions of 
cotton spindles and deprive many wage earners of their 
accustomed work, at the same time creating a serious 
shortage of cotton fabrics throughout the world. If this 
Conference accomplishes nothing more than to give to 
growers and spinners a clearer vision of requirements, 
supply, and price, it will serve a most useful purpose. 



The spinners will urge the growers to give greater atten- 
tion to the production of cotton of even-running staple and 
grade and to careful handling at the gin. They will 
explain that cotton with these characteristics will always 
command a higher price, which will more than repay the 
grower for the care and expense involved. 

Stabilization of the price of cotton is to be discussed. 
We all realize that this is a very difficult problem to solve, 
but one for which some solution is greatly needed. It is 
evident that in the growing of a material so sensitive to 
weather conditions, it is unwise to plant an acreage that 
may prove altogether inadequate in its final yield. The 
grower naturally objects to being penalized, if, by favor- 
able weather, a large crop is produced, and believes that 
some way should be devised to secure him a minimum 
price that would yield him a fair return. The Inter- 
national Federation has frequently discussed this question 
and various plans to accomplish the purpose have been 
suggested. 

Any system of cotton exchange trading which accen- 
tuates price fluctuation and places the cotton industry at 
the mercy of gamblers should be eliminated. As a means 
of hedging purchases and sales many of the spinners of 
the world believe the cotton exchange serves a valuable 
purpose and that it cannot be dispensed with. It is, how- 
ever, worthy of note that the wool and silk trades of the 
world are carried on without future trading in contracts 
that are optional and that do not represent actual deliv- 
eries. It is to be hoped that the members of the cotton 
exchanges here present will cooperate with the growers and 
spinners of the world in suggesting plans to eliminate 
improper speculation and to adjust the methods of 
exchange trading to the needs of legitimate business. If 
the exchanges fail to do this, growers and spinners are 
likely to demand further regulative legislation. There 
is a field here for constructive statesmanship on the part 
of the leaders of the cotton exchanges. 

Certification of cotton in Southern warehouses to be 
used for delivery on contracts has been much discussed, 
and has received the approval of committees of the New 
York Cotton Exchange. This plan should be endorsed by 
the Conference and the necessary steps taken to make 
such action effective. This would provide an important 
means of reducing speculation by preventing corners made 
possible by an inadequate supply of cotton in New York. 

Representatives of government departments that deal 
with statistics are here, and also delegates from the Inter- 
national Federation, which has handled statistics abroad. 
In consultation, they will doubtless make some valuable 
suggestions as to improvements that can be made in the 
statistics of the cotton industry. Great progress has been 
made in this matter in recent years, for which we are 
indebted both to the United States Government and to the 
International Federation. 

A decent American bale is certainly one of the crying 
needs of the industry. No one has the hardihood to 
defend the present bale. In the production of a satis- 
factory package, we are not entering upon pioneer work. 
Egypt and India produce creditable bales, and when the 
British Cotton Association started the growing of cotton 
in West Africa a few years ago, the bales turned out there 
were excellent. Our Southern states have shown wonder- 
ful industrial progress and development in the last twenty- 
five years. For the credit of the cotton industry, the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 105 



Southern states and our country, it seems imperative that 
we should keep pace with other countries and carry out 
immediately this necessary reform. 

One of the first steps to accomplish this is for spinners 
to agree to buy their cotton on a net weight basis. This 
will not be any hardship to the growers, as they can add 
the equivalent of the tare to the price of the cotton, but 
It will remove all inducement for the grower or com- 
pressor to load the bales with unnecessary and objec- 
tionable packing. Here is a definite action that can be 
accomplished at this Conference. It was agreed to by all 
interests at the Atlanta Conference of 1907, but the 
spinners failed to carry it out to any large extent. 

Standard bales of at least thirty pounds density, both 
square and round, should be approved by this Conference 
and, if possible, some way devised to make it profitable for 
the varied interests that handle cotton to turn out bales 
that come up to standard requirements. There is a large 
economy to be attained by proper methods of baling and 
sampling, both as regards saving of waste and reduction in 
cost of transportation and insurance. How these savings 
can be made effective in inducing the production of satis- 
factory bales is a problem to be worked out by the com- 
mittee to which this subject is assigned. 

Gin compression may be the final remedy, but while 
this is being developed and put in practical operation, 
is it not possible for all the compressors to increase the 
density and to use new burlap, conforming as far as 
possible to standard requirements to be established by 
action of this Conference.'' 

We are fortunate in having with us eminent bankers 
from abroad. In cooperation with our American bankers, 
it is hoped that valuable suggestions can be made as to 
the best methods of carrying and financing cotton, so that, 
even with the present abnormal conditions of exchange, 
American cotton can be supplied to foreign countries, and 
especially to our allies in the recent war. To aid in financ- 
ing the cotton crop, warehouses under government super- 
vision, which can assure reliable certificates of grade and 
staple, should be encouraged. 

It is evident that there are many important subjects to 
be discussed and that definite decisions can be arrived at 
that will be far-reaching. It is, however, essential that 
there should be some simple form of permanent organiza- 
tion, to endeavor to carry the resolutions adopted into 
effect. A committee is carefully considering this matter 
and will undoubtedly make suitable recommendations. 

This is a large and important gathering of many varied 
interests and many nationalities. If we can carry it 
through successfully, with keen debate and yet cordial 
good feeling, it will be a contribution from one industry 
towards binding up the war wounds of the world and 
bringing about the day of peace and good will among men. 

At the conclusion of Mr. MacColl's address, the follow- 
ing resolution was offered by J. Skottowe Wannamaker, 
of South Carolina: 

"Resolved, That the permanent chairman of the eleven 
classes of business interests composing the Conference, the 
President of the Conference, when chosen, and the Chair- 
man and Secretary of the Executive Committee be and 
hereby are empowered a General Committee on Nomina- 
tions, Rules, Resolutions and General Procedure, with 
power to add to its membership." 

The foregoing resolution was unanimously adopted, 
after which the following were announced by the Chairman 
as members of the General Committee: 



Chairman, James R. MacColl 

Secretary, Rufus R. Wilson 
Bertram H. Borden Sir A. Herbert Dixon 

James D. Hammett, Col. Harvie Jordan 

T. F. Justiss J. J. Lawton 

W. D. Nesbitt John M. Parker 

Samuel L. Rogers M. J. Sanders 

P. H. Saunders W. Frank Shove 

John A. Simpson John A. Todd 

William B. Thompson W. G. Turner 

The General Committee withdrew to prepare its report, 
and during its absence addresses of welcome were deliv- 
ered by Honorable Martin Behrman, Mayor of New 
Orleans; by Colonel William B. Thompson, in behalf of 
the New Orleans Cotton Exchange, and by Walter Parker, 
for the New Orleans Association of Commerce. At the 
conclusion of these addresses, the Secretary of the General 
Committee submitted the following report: 

The Secretary: The General Committee of the Con- 
ference having organized by the election of Mr. MacColl 
as Chairman and Mr. Wilson as Secretary, respectfully 
recommends the election of the following as permanent 
officers of the conference: 

President. William B. Thompson, of New Orleans 

Vice President. Frank M. Crump, of Memphis 

Vice President. Giorgio Mylius, of Italy 

Vice President. Sir Frank Warner, of England 

Fice President. Maurice de Smet de Nayer of Belgium 

Vice President. Charles Clerc, of France 

Executive Secretary. Emile V. Stier, of New Orleans 

Recording Secretary. Winston D. Adams, of Charlotte, 

N. C 
First Assistant Secretary. Arno S. Pearse, of Manchester, 

England 
Assistant Secretary. Eugene P. Gum, of Oklahoma City, 

Oklahoma 
Assistant Secretary. W. S. Turner, of Little Rock, 

Arkansas 
Assistant Secretary. R. C. DiCKERSON, of Waco, Texas 
Assistant Secretary. H. Arthur Morgan, of Galvez,- 

Louisiana 

Your Committee further recommends: 

1. Delegates to the Conference shall vote by business 
interests under the following classes: 

(i) Growers 

(2) Ginners 

(3) Seed crushers and manufacturers of seed products 

(4) Compressors and warehouse men 

(5) Cotton merchants 

(6) Transportation and insurance 

(7) Banking 

(8) Government and economics 

(9) Spinners and manufacturers. American 

(10) Spinners and manufacturers. Foreign 

(11) Textile merchants, converters and finishers. 

2. In votes on resolutions, one vote shall be recorded 
for each class of delegates, and only votes that receive the 
support of the eleven classes shall be considered as the 
official action of the Conference. A majority vote in each 
class shall control its vote, but in recording the vote of 
each class, its Chairman shall state the percentage of ayes 
and nays. All votes shall be published. 

3. Program addresses shall be limited to fifteen 
minutes. 

4. Ten minutes shall be allotted to each speaker in 



106 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



general discussions, unless extended by a majority vote of 
the meeting. No one shall speak twice on any subject 
without unanimous consent. 

5. All speakers shall be confined to the subject under 
discussion. 

6. Resolutions from group meetings and all other reso- 
lutions shall be submitted to the General Committee. 

7. In all other matters, Roberts's Rules of Order shall 
govern the conduct of the Conference. 

All of which is respectfully submitted. 

Upon motion, duly made and seconded, the report of 
the General Committee was unanimously adopted, and 
Colonel William B. Thompson took the chair as President 
of the Conference. 

By request, brief addresses were delivered by Sir A. 
Herbert Dixon, in behalf of England, by Commander 
Giorgio Mylius, in behalf of Italy, and by Fritz Jenny, in 
behalf of Switzerland. 

The Secretary of the General Committee then briefly 
reviewed the rules adopted for the government of the 
Conference and outlined its program, after which adjourn- 
ment was taken until three o'clock in the afternoon. 



SECOND SESSION 

Monday, October 13, 1919 

3 o'clock P.M. 

The Conference was called to order by William B. 
Thompson, President, Etienne Dennis of France spoke 
briefly in behalf of his country, and then John A. Todd, 
of London, England, addressed the Conference on "The 
World's Future Requirements of Cotton," speaking as 
follows: 

Mr. Todd: The time limit does not allow any margin 
for preliminaries, but before dealing with the world's 
future requirements, I must say something of our experi- 
ence before and during the war, to enable you to follow 
me a little better in the extremely rapid survey of these 
facts. 

The position before the war was that for at least ten 
years the demand for cotton has been increasing pretty 
steadily. I take that period, not because it differed mate- 
rially from what had been happening before, but because 
it was only during these ten years that we had the inter- 
national statistics of consumption, and were able to make 
real comparisons. The world's supply had also been 
increasing, but with very marked fluctuations during that 
period. The condition was roughly this; that, although 
the crops were increasing, they were not increasing as fast 
as the world would have increased its consumption had 
the cotton been available. The demand was greater than 
the actual supply, and the actual consumption was only 
limited by the supply. Consumption was going up 
steadily, while the supply was fluctuating in the most 
marked way, and the result was that about every other 
year the actual consumption was in excess of that season's 
production. Since the war, of course, we have no corre- 
sponding statistics for the world's consumption, or pro- 
duction, but we are able to carry on similar statistics for 
the American crop alone, and so bring out the same results. 
The American crop was the dominating factor in the whole 
world's supply. The balance of its production and con- 
sumption is the same as the position of the world's crops 
every year; and that, as every one knows, simply repre- 
sents the fact that the American crop was the dominating 
part of the world's supply. 



The position of the American crop for many years 
before the war had become extremely unsatisfactory in 
that it had established a peculiar see-saw movement of 
area in crops produced. A big area one year meant a big 
crop; that meant a low price; that meant next year a 
reduction of acreage, a shorter crop, and high price, and 
so you had a regular see-saw movement of cotton, year 
after year, which was extremely bad for everybody con- 
cerned. On the whole, the price was rising steadily before 
the war, due to the boll weevil and the increasing cost of 
production; especially the labor cost through the belt. 
What happened during the war was simply an aggravation 
of what had been going on before. The early slump in 
prices at the beginning of the war caused a very serious 
reduction of the acreage in the following year. All the 
world's crops dropped heavily in acreage in 191 5, and we 
have never made up the ground we lost in that year. We 
were getting in sight of it in 1918, and then when the 
Armistice came along, there was another slump in the 
price of cotton which sent acreage down again this year, 
with the result that we have now had during the war five 
bad crops in succession — a thing that practically never 
happened before in recent times. This is the position 
today. Cotton has gone up enormously, accentuated by 
the general inflation of world's prices. Cotton today, rela- 
tive to other commodities, is not dear. When I left Eng- 
land the price of cotton was relatively hardly any higher 
than the price of other commodities. The general level of 
prices in England had risen so extraordinarily that the 
cotton price was hardly out of proportion. 

That is what happened during the war, and it brings 
us to consider next the question of the future. When we 
come to discuss the question of the world's future require- 
ments of cotton, we must be clear as to what is meant. We 
may mean three difi^erent things: first, the quantity of 
cotton goods that the world wants to use; second, the 
quantity of raw cotton that the world's mills can handle; 
third, the quantity of raw cotton that the world outside 
of America can aff^ord to pay for. These things are not 
the same, but they are all involved in the question of 
what the world's requirements are going to be. 

First, the quantity of cotton goods that the world wants 
is unlimited. We have never yet reached the limit of the 
world's demand for cotton goods. It is used for so many 
purposes, by so many people — by so many millions of 
people in countries which have been greatly increasing 
their purchasing, like India and China, that it is not pos- 
sible to get a limit on the quantity of goods that the world 
could use, if it could get them and could afi^ord to pay for 
them. At present, as a result of the war, the purchasing 
power of many of these countries is greater than it was 
ever before. 

With regard to the second point, the quantity of cotton 
that the world's mills can spin and weave is very seriously 
restricted at present, partly as a result of the war and the 
devastation of Europe; partly as a result of the great 
movement for shorter hours in the textile industry every- 
where. When I am discussing the question of the world's 
future requirements of cotton, I am not talking about next 
week, or even this season; I am talking about the next 
five or ten years. In that time, surely Europe will recover 
to a very large extent; labor difficulties will be solved to 
some extent, and I think it is safe to say that the world's 
consumption will be permanently limited by the means of 
manufacture. That, I think, has never been the case. 

The third factor is at present the most difficult — the 
question of payment. That question will be dealt with 
by a special committee here, and I have not time to deal 
with it in full. I can only say that I am convinced that 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 107 

these things will improve before very long, for one reason, years over there through the British Empire. (Applause.) 
because while all foreign countries are suffering from the With regard to other parts of the world, China, Russia, 
handicap of foreign exchanges, just now, in bringing goods Persia, and all others, they could grow far more cotton, 
from America, they will very soon begin to retaliate, and but it takes time. There are great obstacles to be over- 
get back more than they lose on the goods that they will come. There is no important prospect of any large in- 
ship into America. Take one illustration: it is now possible crease from any of these countries. So we must have a 
to import Egyptian cotton into this country more cheaply larger crop in America somehow. We realize that the first 
than into England. That will extend to other classes of essential is the assurance that the grower will be reasonably 
trade, and the balance will, in the course of time, readjust remunerated for his crop. I am going to leave Mr. Wanna- 
itself. maker to deal with the cost of production. 

My feeling is this, in conclusion, that the position today Just one other point, namely, the necessity for providing 

is very much the same as it was before the war, but an adequate reward for those who are growing better cot- 

whereas the world wants more cotton today than it is ton than others. That is one of the great difficulties in 

getting, just as it did before the war, an eleven-million every part of the world, — to secure a marketing system 

bale crop is nothing to what the world requires, and the which will provide for improved staple, especially in small 

w^orld must have cotton in one way or the other. The lots. Let me give you an actual case. A man in Texas 

world must have clothing as well as food, and of all cloth- with beautiful i|-inch staple cotton got only forty-five 

ing, cotton is the cheapest. Cotton is the cheapest mate- cents a pound, and at that time if-inch staple was selling 

rial for many purposes, and if the world is hard up, it will at fifty-two cents, but all he could get was forty-five cents, 

use more cotton, rather than less. Competition will force What sort of encouragement was that for anybody to 

it on to cotton rather than other things. grow better cotton.' It seems to me this points to the 

In regard to prospects of increased supply and first, m necessity for a much better organization, both of the con- 
regard to America, I am sorry to say, from all that I have sumers and producers, and I should like to emphasize 
seen on this trip, that I am forced to the conclusion that that by one point in regard to the demand for long staple. 
an increased crop in America is improbable. For twenty- The one thing that has struck me most in this country is 
five years before the war, the American acreage was the number of motor cars. We have not seen so many 
increasing. During the war, it stopped increasing and motor cars during the war, and coming back to New York 
was going down. I wish we could hope that that increase I felt almost like a country cousin coming to the city, 
could be resumed now, and continued, but we cannot. I You have developed the motor business to such an extent 
do not believe we are going to have any further increase; that it must have an enormous influence on the cotton 
personally, I shall be thankful if we see the pre-war record business. I tried to calculate it, and I estimate that it 
of about thirty-seven million acres touched again. I think means a demand of about five hundred thousand bales of 
it is doubtful if we will see that acreage maintained steadily, cotton. It seems to me that points to the necessity for a 
That means that there is only one way in which we can get much better organization for staple cotton. I put It 
an increased crop in America, and it is a difficult way. It Is forward In conclusion as the best argument that I know 
by better cultivation and Increased yield per acre. It of for the hope that out of this Conference will come a per- 
should not be difficult, for the average yield per acre is manent organization which will enable us to tackle such 
far too low. The average yield In America is less than questions In a much more efficient and productive way 
two hundred pounds. A hundred and fifty is likely to than we have been able to do in the past, 
be the yield this year. At the conclusion of Mr. Todd's address, Dwight B. 

Regarding the question of restricted acreage. It will be Heard, of Phoenix, Arizona, spoke as follows, on "New 
nothing short of a calamity for America to restrict her Sources of Cotton Production": 
acreage. There Is no doubt about the demand for cot- 
ton. There Is no need to restrict the supply In order to Mr. Heard: In considering the new sources of cotton 
maintain the price. production I shall confine myself largely to the long-staple 

I would like to run over the sources of supply. The American-Egyptian type, which has been developed during 

largest country In the world, next to America, which pro- the last few years In the Southwest to such an extent that 

duces cotton, Is India, but she has only a small crop. It has become a very appreciable factor In the cotton 

There are prospects of Increasing It, but It will be slow, trade. 

because India Is scattered, and It Is difficult to move the There are certain fundamental conditions which must 

cotton. There are prospects of development of long- prevail to successfully grow American-Egyptian cotton: 

staple cotton, meaning above an inch, but these things an unusually long growing season, freedom from boll 

move slowly. In Sudan, we can some day produce an weevil, and the assurance of an absolutely certain supply 

increased crop, but It will not be for some years, five or of water for Irrigation. 

ten years, before we can make much progress, and in the Last season the production of American-Egyptian cotton 

meantime the supply has fallen off during the war and it In the United States was as follows on the basis of 500- 

is not likely to touch pre-war figures for a year or two. pound bales: 

The British Empire has done a great deal toward develop- bales 

ing production In Nigeria and In Mesopotamia, where we Salt River Valley, Arizona, adjacent to Phoenix, Arizona 34.30o 

hope to see developments. We have proved that It Is ^ila Valley, Arizona, adjacent to Florence, Casa Grande, and 

•II ^ A 1 J T ^ •! ^ at Sacaton Indian Reservation 1,200 

possible to grow cotton there and I want to pay a tribute Colorado River Valley, Arizona, adjacent to Yuma, Arizona . . 500 

to the work accomplished by the British cotton-growing Colorado River Valley, Arizona, adjacent to Parker, Arizona . . 400 

representatives. While we know we can grow cotton. It San Joaquin Valley, California 340 

win not be In large quantities for some time. I am sorry P^'° Y^f'l,'; Y^''^^^ California 256 

^u^iif.,.!- I u J -Af- f Imperial Valley, California i)2S0 

to say that all or the work we have done in Arrica, tor g ^ 

nearly twenty years, and all the other powers of Europe 

have done, has produced In no year one hundred thousand While this statement to the Conference is devoted en- 
bales of cotton. You are throwing away more than that tirely to long-staple cotton of the American-Egyptian 
every year - — more than we have been able to do In twenty type, it Is Interesting to note that In the Imperial Valley 



108 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 

of California and the Yuma Valley of Arizona a large best adapted to Southwestern conditions, although at 

amount of short-staple is now being grown, and I am times the results were rather unpromising, the plants 

reliably informed that last year, in the Imperial Valley, being rank in growth, rather unfruitful and lacking uni- 

including both sides of the International boundary line, formity in quality. But with a definite goal in sight, this 

85,000 bales of short-staple cotton were grown, with per- group of devoted public servants stuck to their task until 

haps 5000 bales of Durango; while in the Yuma Valley in 1908 they succeeded in developing the first of the com- 

the production of short-staple cotton last season equalled mercially successful type of American-Egyptian, known as 

about 20,000 bales. There is every indication that the the Yuma variety, with a staple averaging about i| inches 

crop of short-staple cotton from both these valleys will in length, which was considerably longer than the parent 

probably exceed last year's production by about 10,000 Mitafifi, and more the color of Jannovitch Egyptian, 

bales. This Yuma type of cotton has been grown with commer- 

Conservative estimates indicate that of the American- cial success in the Salt River Valley since 1912, but has 

Egyptian cotton, known as Pima, there w^ill be raised in been gradually giving away, however, to the Pima type 

Arizona this season a crop of approximately 50,000 bales, which is now grown exclusively, 
to which 1000 bales may be added from California. In 1910, when the great possibilities of this new type of 

As practically 95 per cent of this balage will be produced cotton became apparent, a committee was formed within 

in my home district, the Salt River Valley, Arizona, I shall the Department of Agriculture, known as the Committee 

confine myself largely to a description of this industry in on Southwestern Cotton Culture. Breeding experiments 

that section. were speeded up to produce a finer and longer type and 

The history of the development of American-Egyptian that year on experimental plats at the Sacaton Agency, 

cotton is a tribute to the clear-sighted vision, resourceful- the now famous Pima cotton was developed. This cotton 

ness and tenacity of purpose of a group of men in the was lighter in color than Yuma, the fibre silkier and finer, 

United States Department of Agriculture, whose research and the length of the staple had been increased to if 

work has been carried on with a fine sense of public service, inches. During the season of 1916-17 a group of experi- 

and has, in a thorough-going and practical way, laid the enced growers, near Tempe, Arizona, to whom the Govern- 

groundwork for a great and new American industry. ment had allotted this seed, produced on 252 acres, 251 

The development of this new type of cotton has in it bales of Pima cotton and the commercial success of this 
many mteresting elements of romance. For the better type was assured. The production of Pima cotton has 
part of a century the cotton grown in the rich Delta lands since steadily increased in the Salt River Valley, that sec- 
of the Nile had been recognized as the standard long-staple tion producmg last season over 34,000 bales, 
cotton' of the world. While, in 1900, David Fairchild, an The feature which made this crop of exceptional inter- 
explorer of the Department of Agriculture, had imported est to spinners and to the manufacturers of choice cotton 
some Egyptian seed, from which experimental plats of goods was the fact that this new Pima cotton not only 
cotton were grown in the Southwest, it was not until graded very high, but that a large percentage of the 
1902 that a thorough study on the ground of Delta grown cotton produced exceeded ly^ inches in length of staple 
types of Egyptian cotton and their adaptability to our own and, in the view of spinning experts who have used it, was 
Southwest, by Thomas H. Kearney, of the United States quite as desirable a cotton as Egyptian Sakellaridis, and 
Department of Agriculture, resulted in the development could be spun into equally fine counts. In 1918, on an 
of a constructive plan for building up a new type of ordinary run of 2,112 bales at the gin of the Tempe Ex- 
American-Egyptian cotton. change, under government classification and supervision, 

Romance begins when we note that Kearney brought the grade and percentage of this lot of Pima cotton ran as 

his cotton seed from the Valley of the Nile, the very follows: 
cradle of history, and it was planted in its new American ' Grades Staples 

home on the Sacaton Indian Agency, but a few miles from No. i or Fancy 14% i}^ to if 61% 

the famous Casa Grande prehistoric ruins. 2 or Extra 52 ^ 

In the prehistoric days of Arizona, the ancient people ^ °' P°'j^j ^^ is to iH 37 

"^i irir !•• r/^ 4 or btandard 9 

grew cotton long before the lamous expedition ot Loro- 5 or Medium 7 i| to ixi 2 

nado into Arizona, seeking the Seven Golden Cities of 

Cibola, in 1540. An interesting illustration of this fact In 1919, while there was not quite so large a percentage 

came vi'ithin my personal knowledge when, some ten years of cotton classed Fancy or Extra in the grades, the per- 

since, in exploring an ancient cliff dwelling, which must centage of cotton running ly^ and if inches increased, 

have been a ruin long before the tour of the adventurous The remarkable success in the Salt River Valley, where 

Spaniards through Arizona, I found not only finely woven approximately ninety-five per cent of the Pima cotton 

cotton cloth, worn by the Cliff" Dwellers, but also, in one produced in America will be grown this season, is largely 

of the storerooms of this ancient dwelling, seed cotton. due to the scientific care with which this industry has been 

Kearney knew that the analysis of the soil in the Salt developed. One of the particular features which seems to 

River Valley in Arizona was almost identical with that of assure a successful future for the industry in this section 

the Delta lands of Egypt: the climatic conditions were is the fact that but one type of American-Egyptian 

practically the same and he had a vision that, in the arid cotton, Pima, is grown throughout the entire district and 

country of the Southwest, under irrigation, lay the oppor- all danger of crossing with inferior seed is avoided. That 

tunity for developing an immensely valuable new American is a point I particularly want to emphasize. Of the total 

crop. For a number of years, with his able group of col- area of 275,000 acres now under intensive cultivation by 

laborators, including Messrs. Swingle, Scofield, Cook and irrigation in this district, 88,000 acres, or thirty-two per 

Hudson, field demonstration work in cotton plant breed- cent of the entire acreage, is planted in Pima; a percent- 

ing was conducted at Government stations at Sacaton, age which, in justice to the best development of the com- 

Arizona, adjoining the vast irrigated district under the munity on a diversified farming basis (so essential to 

Roosevelt project, and at Bard, California, under the success), can be readily maintained. 
Yuma Reclamation project. Our district thoroughly realizes the danger of becoming 

The seed of the Mitafifi Egyptian variety proved the a one-crop country; realizes that its continued prosperity 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 109 



rests in a diversified and sound ap;riculture and an nitelli- 
gent system of crop rotation. 

The growers realize that the mmiunity ot the Salt River 
Valley troni the boll weevil and other pests which have 
handicapped the cotton industry in other sections must be 
maintained, and with the thorough cooperation of the 
government, the best methods, not only to prevent the 
importation of seed in which there could be any danger of 
infection, but to maintain the highest standard in the 
selection of the local seed, have been practised. The 
methods employed by the Department of Agriculture 
through their field experts in the Salt River Valley to 
maintain a high standard of seed, were as follows: 

In 1913 they rogued about lOO acres of cotton. Every 
plant in this acreage was examined and the unproductive 
and ofF-type plants, amounting to about one per cent of 
the total, were removed. This was done early in July, 
soon after blossoming began, in order to take out the 
inferior plants before their pollen should contaminate 
those left in the field. The Growers' Association had the 
seed from the rogued field ginned at the Cotton Exchange 
under such conditions as to avoid mixing with other seed 
and also had the seed sacked and tagged as it came from 
the gin, in order to prevent mixture while it was held in 
storage. The rogued seed was placed by the Association 
in the hands of careful farmers having good land suffi- 
ciently remote from other cotton to prevent crossing. The 
fields planted under these conditions were inspected during 
the summer and the product of those properly grown and 
otherwise satisfactory was ginned separately in order to 
furnish seed for general planting the second year after the 
rogueing was done. Thus the seed used for general plant- 
ing in 1918 was derived from the fields which were rogued 
in 1916 and that which was used for general planting in 
1919 from the fields rogued in 1917. It has been found 
that the seed from inspected fields can be sold for planting 
at a price very little above current oil mill prices, thus 
removing the temptation to plant unselected seed because 
it is cheaper. 

We maintain those same exact careful methods up to 
date, and it is largely to that that I attribute the high class 
of our product. 

The cultural methods employed in producing this 
cotton may prove of interest. As all cotton men know, 
the cotton plant is essentially a sunshine plant, and there 
is probably no section of the world except Egypt where 
the sun shines with more regularity than in the Salt River 
Valley. In fact, one of our local hotel keepers offers to 
refund to his patrons the price of their accommodations 
for any day the sun fails to shine. 

The first step in production is the thorough preparation 
of as nearly perfect a seed bed as possible. The ground is 
first well irrigated, then ploughed once or twice, harrowed 
and dragged to a uniform slope and the seed planted from 
March 10 to April 10, about thirty pounds being planted 
to the acre and drilled in rows about 3' 8" apart. The 
thinning methods vary according to the views of the 
grower and the type of soil on which the cotton is pro- 
duced. Certain soils will produce a maximum crop, if the 
plants are thinned to 15 inches apart in the row. On other 
soils, best results can be obtained by leaving the plants 
not more than 10 inches apart. Cultivation is essen- 
tial. This is an expensive feature, but must be main- 
tained if maximum results are desired. Sometimes from 
4 to 6 cultivations are given the crop before the size of the 
plant makes further cultivation impossible. It has been 
found that in order to obtain quality and length of fibre 
in the cotton, the plant must be kept steadily growing, but 
that after planting irrigation should not be practised until 



the jilant shows danger of wilting. The scientific applica- 
tion of water in midsummer, after cultivation has ceased, 
is of vital importance. The plants fruit very heavily under 
favorable conditions of care, it being no unusual thing to 
see a Pima plant with 150 well-set bolls, and it is to the 
setting of the bolls of cotton on the plant, rather than to 
the amount of the vegetable growth, that the intelligent 
grower gives his closest attention. In our district it has 
been found that the cotton plant, to produce a maximum 
yield of seed cotton, should be from four to five feet in 
height. 

The cotton-picking season in Arizona commences early 
in September and picking is usually concluded early in 
Februar3^ three pickings being customary. The price paid 
for picking last year averaged about 3^ cents per pound. 
An average picker will pick about 100 pounds in a ten- 
hour day, but under test an experienced picker has made a 
record on this cotton of an average of 275 pounds per day 
for five consecutive days. 

The labor problem is naturally a very vital one in the 
development of this new type of cotton, and for the purpose 
of meeting this problem and others of the industry from a 
community standpoint, the Arizona Cotton Growers' 
Association was formed, and in a systematic way, through 
cooperation of the gins, has succeeded thus far in furnish- 
ing fairly efficient labor at just prices, and has acted as a 
practical clearing house for labor. 

This additional labor supply has come partly from other 
cotton-growing states in the South, but mostly from the 
importation of Mexican labor from the northern states of 
Mexico, under special authority of the Department of 
Labor, and by the use of many Indians from the reserva- 
tions of Arizona, who are glad to obtain this seasonable 
labor. Not only have good wages been paid, but there 
has been a well-directed effort to see that these laborers 
are well housed, that their living and sanitary conditions 
are safeguarded and that provision is made for the educa- 
tion of their children. Last year during the peak load of 
the picking season, it is estimated that in the Salt River 
Valley this class of labor aggregated over 15,000 indi- 
viduals. Many of the larger growers have established tent 
villages for these laborers and in some instances dance 
floors have been installed, providing that recreation so 
dear to the Mexican. 

The number and type of gins has naturally been a very 
important feature in the development of this new type of 
cotton. It was found that the saw-tooth gin, principally 
used throughout the South, would not effectively gin this 
cotton without tearing the staple, and the roller type of 
gin has been used, the rollers usually covered with walrus 
hide. This gin is almost identical with that used in the 
Delta of the Nile and has proved most effective. An 
average gin stand under good conditions turns out about 
one bale every ten hours. The cotton grown in the South- 
west reaches the gin in a practically bone-dry condition 
and in some of the gins the installation of humidifiers has 
been adopted, which it is believed slightly increases the 
percentage weight of cotton lint. The Egyptian method 
of spraying is not used. 

The question of the percentage of lint cotton to the seed 
cotton entering the gins is interesting and it has been found 
in the testing that the average percentage of lint to Pima 
seed cotton is 26^*^ per cent, which requires about 
1900 pounds of seed cotton to produce a 500-pound bale 
of lint, distributed as follows: 500 pounds of lint, 2 per 
cent waste, 38 pounds cotton seed, 1352 pounds. 

Continued improveinents in the ginning processes are 
steadily increasing this percentage of lint, and there, were 
many instances last year where cotton grown under correct 



no OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



cultural conditions showed a percentage of lint of from 28 
to 30 per cent. 

This season in the Salt River Valley our ginning capacity 
has been materially increased and 263 gin stands will be in 
operation with a daily capacity, in two ten-hour runs, of 
about 450 bales per day. 

One peculiar feature about the American-Egyptian 
cotton produced in the Southwest is that as it is grown, 
ginned and handled under practically bone-dry conditions 
it has averaged in shipment to Eastern points of manufac- 
ture a gain of from seven to eight pounds to the bale. 

There has been some difference in practice as to the 
basis of weight on which American-Egyptian cotton has 
been sold in Eastern markets which has resulted in some 
confusion over the prices. Quite a portion of the cotton 
shipped from the Salt River Valley last year was sold 
without deduction of the customary 22 pounds per bale 
for bagging and tying, while other cotton was sold with 
this deduction. In justice to both buyer and seller some 
established method should be followed in this matter. 

Experts differ greatly as to the desirability of compress- 
ing American-Egyptian cotton. The tire manufacturers 
have found that the cotton reached the East in better 
condition if uncompressed, and most of the cotton for the 
tire fabric use was shipped uncompressed. Other users of 
American-Egyptian cotton have compressed it in transit 
and report that the results have been entirely satisfactory. 
It is evident, however, that to avoid any difficulty of 
wind-cutting, low compression, rather than high com- 
pression, should be practised on this cotton. 

In the first years of the production of this new type of 
American-Egyptian cotton it attracted the particular 
attention of the manufacturers of automobile tires and 
thread, who had been large users of Sakellarides Egyp- 
tian, Sea Island, and Peruvian long-staple cotton. Some 
three years since, after most extensive laboratory tests as 
to the strength, length of staple and spirality of this 
cotton, the Goodyear Rubber Company entered the field 
of production in the Salt River Valley, acquiring by pur- 
chase or lease large tracts of land, and through their 
subsidiary company, the Southwest Cotton Company, now 
control in the Salt River Valley nearly 30,000 acres of 
land, of which 18,000 were in cultivation last year, of 
which 8,000 acres are in cotton, the balance mostly in 
alfalfa, in order to prepare the desert land for efficient 
cotton production. The land which they own is outside 
the limits of the Government Irrigation Project, and they 
have developed a remarkable supply of water for this land 
by the installation of one of the most modern underground 
pumping plant systems in existence. Model towns have 
been established in the centres of their various tracts, and 
districts which four years ago were nothing but desert are 
today fine examples of highly improved agricultural com- 
munities, and it is estimated that the production of cotton 
this season by the Southwest Cotton Company will amount 
to about 5000 bales, or 10 per cent of the total crop in this 
district. 

In referring to the district's crop there was produced in 
the Salt River Valley, adjacent to Phoenix, Arizona, last 
season, over 34,000 bales, and from careful tests which 
were made by the Department of Agriculture in classifying 
this cotton, it is estimated that ninety-seven per cent of 
the total crop showed an average length of if-inch staple; 
and eighty per cent showed i^i-inch or better. While, 
for a number of years, the high quality of this cotton had 
been demonstrated by its use in automobile tire fabric, 
thread, etc., it took the war and the need of fabrics of a 
specially high quality for use in airplane wings and balloon 
cloth to demonstrate the unusual fine quality of this 



Pima cotton and its exceptional adaptability for use in 
fine fabrics, such as women's dress goods, men's shirtings, 
laces, etc., using yarn running from 60 to 130 in number. 

Previous government tests had shown that for bleach- 
ing, dyeing and mercerization, Pima cotton was practically 
equal to Sea Island or Sakellarides. As is generally known, 
in the manufacture of automobile tire fabrics yarns run- 
ning from about 22 are used, and in the tests made during 
the war by the War Department and the Bureau of 
Markets of the Department of Agriculture in the manu- 
facture of balloon, airplane and gas mask cloth, very choice 
yarns running from 60 to no were made from American- 
Egyptian Pima cotton, and fabrics manufactured from 
this yarn showed, under the most exhaustive tests, 
strength which exceeded the standard required, the cotton 
showing a test somewhat superior to Sea Island, but about 
one per cent less than that of the fabrics made from 
Sakellarides cotton. 

As this was so vital a matter in connection with this 
new industry, I personally visited during the summer of 
1918 some of the mills in which the tests were being con- 
ducted by the Government, and was fortunate in visiting 
the Nashawena Mills at New Bedford at the time that a 
shipment of 127 bales of Pima cotton for manufacture 
into airplane and balloon cloth was running through the 
mill. I found that not only those in technical charge of 
spinning the cotton were more than pleased with its 
quality, but they particularly commented upon the excep- 
tionally small amount of waste, as compared with other 
cottons of similar type. 

In two mills whose superintendents were showing the 
mechanical processes through which Pima cotton from 
our section was actually passing, I asked them to test the 
length of cotton at the comber-silver stage, and in both 
cases they found by careful measurement a strong if 
inches in length. Other technical men commented on the 
fact that in making tests of the length of Pima cotton 
practically all threads in the sample would run the same 
length. 

In visiting other mills, I found that certain of the tire 
manufacturers were using all the Pima cotton which they 
could obtain exclusively for making cord tires, which is a 
most convincing demonstration of the high quality of the 
cotton. In one important laboratory where breaking 
tests were shown, automobile fabric made from combed 
Sea Island broke under what is known as the "grip test" 
at a pressure of 445 pounds, while the fabric made from 
carded Arizona Pima of same thread and weave broke at 
a pressure of 516 pounds. My investigation among the 
mills using Pima cotton demonstrated most clearly, not 
only its desirability because of its strength and length, 
but also that it was found to run exceptionally well as to 
uniformity of color. I learned that while under micro- 
scopic tests it did not at present have quite the spirality of 
the Sakellarides cotton, this was undoubtedly offset by its 
additional length and it is very evident that the spirality 
of the Pima cotton can be increased by improved methods 
of cultivation. 

The growers have learned that if they are to continue 
permanently and successfully in the production of Pima 
cotton, crop rotation is essential. On the average soils in 
the Salt River Valley, it is probable that after from four 
to six years in cotton, fertility should be restored by being 
cropped during every ten-year period from three to four 
years in alfalfa, which is probably the greatest soil 
strengthener of all the legumes. The cotton plant is an 
exceptionally heavy feeder and studies made in other dis- 
tricts by soil chemists of the Department of Agriculture 
have shown that the approximate amount removed annu- 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 111 



ally from the soil in growing a 500-pound bale ot Pima 
cotton to an acre will be 151 pounds of nitrogen, 61 pounds 
of phosphoric acid and 91 pounds of potash. 

Some soil chemists estimate a much less amount than 
that given above, though these figures are from an 
authoritative source. 

In producmg this new type ot cotton, we have not only 
been exceptionally fortunate in having the thorough 
cooperation of the United States Department ot Agricul- 
ture in seed selection and methods of production, but also 
through the Bureau of Markets, under the direction of 
Charles J. Brand and his assistants, Fred Taylor and 
George Butterworth, most valuable help in working out 
the marketing problems of the new industry, establishing 
standard types and new and dependable methods of class- 
ing. Several years ago the Bureau of Markets established 
an olfice in the Salt River Valley, where a large portion of 
the cotton has been classed by its trained representatives, 
who have now worked out otficial cotton standards for 
American-Egyptian cotton. Previously the grades of the 
Pima cotton had been designated as Fancy, Extra, Choice, 
Standard and Medium. These have been replaced by 
Nos. I to 5, and every grade which is between adjoining 
grades, represented by types of the standards, is designated 
by the grade number of the high grade followed by |. For 
example, cotton between grade i and 2, is graded as i|. 
This establishes a government standard on which pur- 
chasers can place their orders, with a definite knowledge 
of the type of cotton they are to receive. 

This brings up the question of the probable amount of 
Pima cotton w^hich will be produced this season and what 
proportion of this cotton will be known as free or open 
cotton. This year 88,000 acres in the Salt River Valley 
alone are planted. The land has been more carefully 
selected than before and wnth the added experience of the 
growers in cultural methods it is not unreasonable to 
assume that from 45,000 to 50,000 bales of Pima cotton 
will be produced. In the Florence and Casa Grande 
Valleys, mcluding the Sacaton Indian Agency, located 
from forty to sixty miles southwest of Phoenix, this year's 
production will probably equal 2500 bales, while in the 
Yuma and Parker Valleys, along the Colorado River, and 
in certain sections of the San Joaquin Valley in California, 
1500 to 2000 additional bales of Pima cotton can be 
expected, making a total estimated production of this type 
of cotton for this season of from 50,000 to 55,000 bales. 

In the Salt River Valley the growers are quite pros- 
perous, most of them owning their land and a large por- 
tion of them are able to finance their growing operations 
without tying up their crops through mortgage so that in 
that district there should be for sale this year from 20,000 
to 25,000 bales of unmortgaged cotton. 

As an indication of the importance commercially of this 
new type of cotton, it is significant that, last season, the 
total production of Pima cotton, equalled the production 
of Sea Island cotton, and it is very evident that this year 
much rnore Pima cotton will be produced than Sea Island. 
The point which especially interests manufacturers is the 
fact that while the quantity of cotton, grown is steadily 
increasing, its quality is also improving and its uniformity 
in color, silkiness and strength is exceptional. 

The total manufacture in the United States of long- 
staple cotton, either old-world Egyptian or Sea Island 
cotton, in five years previous to our entry into the war, 
was 275,340 bales annually, of which 78,650 400-pound 
bales was Sea Island cotton production. 

With an increase this year of the production of Pima 
American-Egyptian cotton to approximately 50,000 bales, 
and the estimated production of less than 15,000 bales of 



Sea Island cotton, it is manifest that the Pima cotton has 
become a very material factor in the long-staple market. 

With the development of this new industry, the growers 
are realizing the need of the establishment in the Salt 
River Valley of a thoroughly modern cotton exchange, for 
the purpose ot furnishing to the spinners accurate infor- 
mation as to crop conditions, and tor the working out from 
a community standpoint of those important problems of 
labor, finance, seed selection and protection, ginning, 
storage and marketing, all of which must be handled on a 
basis which gives to the smallest producer the same service 
as that received by the largest grower. 

The working out of these problems presents some very 
intricate and interesting questions, demanding a high 
degree of intelligence and good judgment on the part of 
the grower. Men of these qualities are steadily taking up 
this new industry which gives an assurance of its growth 
and permanence. 

The President of the Conference introduced as the third 
speaker of the session Theodore H. Price, of New York, 
who delivered the following address on "Stabilizing the 
Price of Cotton": 

Mr. Price: I am in rather poor voice this afternoon, 
and if any of you are so fortunate as to be out of reach of 
the sound of my voice, and are really inspired by a desire 
to hear what I will try to say, if you will hold up your 
hand, I will try to speak a little louder. 

Before I proceed to the discussion of the subject assigned 
to me, may I compliment Mr. MacColl, Mr. Wilson, Mr. 
Thompson, and the gentlemen associated with them upon 
the vision and the enterprise they have shown in bringing 
this gathering together. 

The various groups into which the trade naturally 
resolves itself, separated as they are by the geographical 
lines of demarcation that exist in this country, sometimes 
become suspicious of each other, sometimes they impute 
to the other group motives which should not be imputed, 
and I take it that it is a grand thing to bring them all 
together like this. 

As I sat here today and saw these gentlemen from across 
the ocean, and these gentlemen from the cotton belts and 
from New England, and all of these regions, I thought of a 
story which President Wilson told so aptly in Manchester. 
It seemed that it was particularly apt that he should have 
told it in Manchester. The story is of Charles Lamb at a 
reception, who pointed to a man across the room and said: 
"I hate that man!" And his friend said: "I didn't know 
that you knew him." "No, I don't," said Lamb. "I 
could not hate any man I knew." And it does seem that 
that is the very greatest advantage that is going to accrue 
to us from having been brought together here. 

The subject which has been assigned to me was not of 
my selection; in fact, I am inclined to think that it was 
assigned to me as a joke, because, of all persons, I am 
chiefly notorious before you for having made money — or 
lost money — because of the unstable character of the 
market, and to put me down here with the subject "Sta- 
bilizing Prices" reminds me of a story which I heard from 
the lips of former Attorney-General Gregory when he spoke 
before the Southern Society in New York some years ago. 
Mr. Gregory, as you know, was a lawyer from Austin, 
Texas. When the bar of that city heard that he was to 
speak at the dinner they determined to give him a sur- 
prise and secretly engaged a table directly in front of him. 
He did not know that his former associates at the bar were 
to be present, and when he arose to speak, finding himself 
confronted by nearly a score of his old associates, he told 
the story of a negro preacher, a fervent exhorter, who had 



112 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



built up a large congregation in a southern Texas town. 
Within a year or two after his incumbency, however, the 
preacher unfortunately became involved in a hog-stealing 
episode, and felt that it was expedient for him to move 
to a parish a little farther north than Texas, where he was 
unknown. There he was successful in building up another 
large congregation, and, rising to preach one Sunday 
morning, he spoke as follows: "I'se gwine to preach to 
you this mawnin', my friends, from dat wonderful text in 
the fifth chapter of Matthew and the eight verse, 'Blessed 
is de pure of heart, for dey shall see God.' Yes, brethren, 
dat is de text dat I was selected for dis mawnin's dis- 
course," and then looking down in the audience he saw 
sitting in the front seat immediately before him, one of 
his former parishioners from South Texas, whom he imme- 
diately recognized. Thereupon, turning over the leaves of 
the Bible somewhat hastily, and looking down at his 
unexpected auditor, he said: "Brethren, upon reconsidera- 
tion, I will change dat text, and take instead another 
remarkable passage which you will find in the sixty- 
seventh Chapter of Isaiah, and the nineteenth verse. It 
reads as follows," said he, looking directly at the colored 
brother who knew of the hog-stealing episode: "If you 
know me, say nothin', for verily, verily, I will see you 
afterward." (Applause and laughter.) 

So I ask you, gentlemen, since to me has been assigned 
this insoluble proposition, to bear with me in such a seri- 
ous discussion of it as I will attempt, because I believe 
that in any attempt to prove the impossibility of the 
impossible it is always best to be accurate. I have written 
out the few remarks that I presume to offer you, and they 
are very, very brief, because, as my friends have put it, 
the melting pot of New Orleans is a little hot, and I will 
try to keep you as short a time as possible. 

In attacking this problem, I shall assume that I am not 
expected to find a way to attain the unattainable, for all 
of you will, I take it, agree with me that an absolute 
staijilization of the price of cotton from year to year, or 
even from day to day, is impossible. That nature abhors 
a vacuum and that an absolute mean is impossible are 
maxims of physics. Even the planet that we inhabit is 
unstable and in order to compensate for its instability the 
astronomer has to provide himself with a mirror of fluid 
quicksilver that moves responsively to the movements of 
the earth, thereby enabling him to study the heavenly 
bodies that are reflected upon it more accurately than would 
be possible if he focussed the telescope directly upon them. 

In the world of economics the instability of things mun- 
dane is even more apparent than it is in the world of 
physics, and it is hard to think of anything that is affected 
by a larger number of factors that are in themselves 
variable than the price of cotton. 

It is said that the cooperation of at least 10,000 persons 
is necessary in the provision of even the simplest dinner, 
and when we come to consider the price at which a yard 
of Pepperell drills should be sold to the Chinese consumer 
in order that all of those who have been concerned in the 
production of the goods or the things required in their 
manufacture may be properly compensated, we find our- 
selves confronted by a problem that is almost infinite in its 
ramifications. 

The value of the land upon which the cotton was grown, 
the weather, the price of fertilizers and their component 
elements, the cost of the labor required for its cultivation, 
and, in turn, the cost of the food, raiment and shelter with 
which the agricultural laborer must be provided, the cost 
of schooling his children, the taxes he pays, the rate of 
interest charged for any advances that the farmer may 
require, the varying transportation rates which must be 



paid in carrying the cotton from the fields to the mill, the 
foreign exchange market, the wages paid the mill opera- 
tives, the conditions under which they live, the state of 
trade and the profit to which each of the commercial inter- 
mediaries whose services are necessary in the distribution 
of the cotton and the goods made from it is entitled, are 
only a few of the innumerable factors that would have to be 
considered in attempting a scientific determination of a 
fair price for cotton or cotton goods. 

Those of you who have attempted, as I have, to arrive 
at a scientifically accurate computation of the cost of pro- 
ducing cotton will appreciate the utter impossibility of 
affecting a meeting of minds upon a subject concerning 
which both experience and opinion are so divergent. 

I shall not, therefore, attempt to discuss or even to 
suggest an absolute stabilization of cotton prices. Even 
if it were theoretically possible, which it is not, the deduc- 
tions to be empirically drawn from the experience of 
Brazil in the attempted valorization of coffee and that of 
the Secretan Syndicate in attempting to stabilize the price 
of copper would convince us that any attempt to establish 
and maintain a fixed value for one of the world's greater 
staples is doomed to failure. Even our own great Govern- 
ment has found the path that it attempted to follow in 
stabilizing the price of wheat during the war an exceedingly 
thorny one, and it is, I think, exceedingly doubtful whether 
such a policy will ever again be adopted, however grave 
the crisis may be. 

At thirty cents a pound for lint cotton and ^70 a ton for 
seed, a bale of cotton, with the seed derived from it, is 
worth approximately $185. This means that a world crop 
of, say, twenty million bales would be worth ^3,700,000,000 
in its raw form and about three times as much when con- 
verted into the manufactured goods. These figures will 
give some idea of the impossibly large capital that would 
be tied up in any scheme of stabilization that involved the 
purchase of a substantial portion of the cotton production 
when it was below the mean of fair value that might be 
agreed upon if an agreement upon a question so involved 
is indeed thinkable. 

But even if the capital were obtainable the dislocation 
of the world's financial and economic machinery that 
would result from an interruption in the movement of 
cotton makes any program that looks toward a retardation 
in the movement of cotton from the producer to the 
consumer impossible. 

Throughout the world and particularly in America the 
maturity of nearly all our commercial paper is synchronized 
to meet the maturity of the crops, and billions of obliga- 
tions now become due during the harvest period upon the 
theory that the money for which crops are sold will then 
be available. If this adjustment were seriously disturbed 
our banking machinery would break down and the supply 
of credit with which the fields of commercial enterprise are 
now irrigated would soon be exhausted. 

I could go on almost indefinitely explaining why it 
seems to me that any scheme to stabilize the price of cotton 
from year to year is utterly impracticable, and while there 
may be some theorists who will combat this view, I am 
inclined to think that most of the world's hard-headed 
men of business will agree with me that we will never 
reach a point at which the law of supply and demand can 
be suspended or the natural and normal processes of com- 
mercial distribution set aside without creating an artificial 
situation that will ultimately collapse, to the ruin not only 
of those who have devised and supported it, but to the 
destruction of the entire economic fabric that has been 
evolved by years of experience. 

Assuming that this conclusion is accepted, let us next 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 113 



inquire wliether it would be possible ro fix a hiir price for 
the production of cotton in any given twelve months and 
to maintain that price without variation by voluntary 
cooperation or financial compulsion. 

In order to reach an intelligent conclusion as to what 
would be a fair price for the cotton production ot any one 
year or any particular twelve months it would, in the first 
instance, be necessary to equate the relation of supply and 
demand during that twelve months. In order to do this 
we should have to ascertain, first, the size of the crop; 
and, second, the world's requirements. This statement 
will, I think, convince almost any one that has ever made a 
crop estimate or attempted to forecast the probable con- 
sumption that the problem is utterly unsolvable or, as I 
prefer to a^y, insoluble. 

I once offered a prize to the cotton merchant who could 
truthfully affirm that he had never made a crop estimate. 
No one was able to qualify as a winner, and those of us 
who have ever attempted to forecast the size of even the 
American crop will realize the utter impossibility of coming 
within half a million bales of the final outturn, except as a 
matter of pure luck. When it comes to determining the 
size of the East Indian or Russian crop twelve months, or 
even six months before their maturity, comparative accu- 
racy is unthinkable except as a matter of mere chance. 
It is even more impossible to anticipate the consumptive 
requirements correctly. They depend upon an infinite 
variety of factors, many of which are not even known when 
they should be considered. 

Suppose, for instance, a committee of the most clair- 
voyant merchants, farmers and spinners that could be 
appointed undertook today to determine what would be a 
fair price for the crop of 1919-20. Do you think that any 
agreement upon the question could be reached or that, if 
it were reached, it would not speedily be attacked in Con- 
gress and every other forum in which selt-interested 
opinion could find expression? I do not; and, being 
naturally of a timid disposition, I am unwilling to even 
suggest a plan for reaching a conclusion that would imme- 
diately provoke vituperative dissent in every country of 
the globe. 

I would not, however, have you understand that in thus 
expressing myself as to the impossibility of any grandiose 
scheme for stabilizing the price of cotton, I am oblivious 
to the hardship and hazard that result from the market 
fluctuations with w^hich the trade has had to contend 
during the past three or four years. W hen the price of 
cotton as reflected in the price of future contracts fluc- 
tuates, as it has recently, two cents a pound in a day, 
intelligent business is, I admit, absolutely impossible, and 
those whose function it is to deal in cotton, whether as 
purchasers, merchants or manufacturers, are, in spite of 
themselves, compelled to become gamblers or to suspend 
their business entirely. That such fluctuations have dis- 
credited the business of the cotton merchant and impaired 
his credit, there is no denying. His occupation has come 
to be regarded as extra hazardous, and those who are 
expected to lend him money are perforce compelled to 
share the hazards that his operations involved. As in the 
case of the insurance company that writes a policy upon 
an extra hazardous risk, they demand a higher rate of 
compensation, which unnecessarily burdens a business 
that is unfairly classified as one that involves possibilities 
of loss that most men prefer to avoid. 

Before considering whether this hazard can be elimi- 
nated it is perhaps in order that we should inquire why it 
exists. In attempting to answer this question I am afraid 
that I may tread upon ground that will be dangerous, 
but I must, nevertheless, be frank. 



The extraordinary fluctuations that have of late been so 
frequently recorded in the future markets are, I think you 
will agree with me, in most cases unreasoning and unrea- 
sonable. They are due to the fact that the facilities for 
speculation which are offered on the exchanges where 
futures are bought and sold make it possible for so many 
uninformed persons to buy and sell cotton. The business 
of speculation is at best an exceedingly hazardous one. 
There are but few% if any, who retire from it with a for- 
tune unless they happen to die opportunely, and I have 
long been of the opinion that the State ought to exclude 
the inexperienced from a business so hazardous and issue 
licenses to speculate only to those who could furnish evi- 
dence that by education and temperament they were 
qualified to engage in operations that may threaten not 
only their owm financial solvency, but the economic welfare 
of a large portion of the population. 

I realize, however, that it is exceedingly unlikely that 
such a counsel of perfection will ever be accepted, although 
it is true that in most States bankers are licensed and are 
required to furnish evidence of their solvency before they 
are permitted to engage in a business whose maladminis- 
tration might work the ruin of those with whom they deal. 
We also require that doctors, druggists, dentists and even 
veterinary surgeons and chauffeurs shall be specially quali- 
fied for the service that they offer to render before they 
are permitted to practise their professions, and the time 
may perhaps come when something of the same sort will 
be insisted upon in the case of the speculator. I doubt, 
however, if it has yet arrived, and since we must await 
its coming, it devolves upon us, meanwhile, to take 
counsel of expediency and consider in how far we can pro- 
tect ourselves against the speculative vagaries of the 
uninformed mob to whose fatuous desire for easy money the 
erratic markets with which the trade has recently had to 
deal are largely due. 

In looking for a solution of our problem in this direction, 
we are, it seems to me, somewhat helped by the experience 
of the futures exchanges themselves during the fitful years 
of the war. When they were re-opened after the suspen- 
sion of operations which had been made necessary by the 
first impact of the great struggle, it was found expedient 
to limit the daily fluctuations. In New York, if my 
memory is correct, the limit at first imposed was 300 points 
or three cents a day. Transactions at more than 300 points 
above or below the closing quotations of the previous day 
were prohibited, and the range was subsequently reduced 
to 200 points per day, this limit, as I understand it, being 
still in force. 

It occurs to me to ask whether conditions can be so 
changed within twenty-four hours that cotton will be 
legitimately worth two cents a pound more or less today 
than it was yesterday. Frankly, I doubt it, and it is only 
by appeal to the excited imagination of the uninformed 
speculator that a state of mind can be brought about in 
which he would be willing to sell cotton for two cents below 
the price obtainable for it yesterday, or to buy it at two 
cents above the price at which it could be purchased at 
3 o'clock on the preceding day. 

If we grant that any change in conditions which can 
occur in so short an interval must be more imaginative 
than real, is there any reason why the shock absorber 
which the exchanges have found it necessary to provide 
by imposing the limits now in force should not be so tight- 
ened up that it would oppose more resistance to these 
hysterical convulsions and thereby minimize the harm 
that those who are subject to them can do themselves and 
the public? If it is expedient to impose a limit of 200 
points or less within which the market may fluctuate in 



114 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



any given day, would it not be wise and logical to impose 
a similar limit upon the price at which contracts may be 
made during each week or month? Suppose, for instance, 
that the exchanges should agree to delegalize transactions 
that were made at a price more than one hundred points 
away from the closing of the previous day or 150 points 
away from the closing of the previous week, or 250 points 
away from the closing of the previous month, would any- 
one be seriously harmed and is it not true that a great 
many people would be benefited by the more deliberate 
and gradual operation of the law of supply and demand 
which would probably be thus insured? 

It is said that if they are given time, men can adjust 
themselves to almost any change in conditions that may 
be necessary. We cannot hope to escape the necessity 
for change. The important thing is to provide ourselves 
with time in which to make the necessary changes deliber- 
ately, and since in my thought upon the subject I have 
endeavored to deal practically with conditions rather than 
with theories, I am submitting for your consideration the 
only practicable remedy that I am able to suggest for the 
evil with which we have all of us to contend. It is, I 
admit, but a partial and a very imperfect remedy, but 
men progress toward the ideal only step by step, and life 
is one long succession of compromises, each one of which, if 
intelligently accepted, will open our eyes to the benefits of 
further agreement through further compromise. 

That, Mr. Chairman, is only an inadequate suggestion 
and the only suggestion I have to make upon the subject. 
(Applause.) 

The concluding address of the session was delivered by J. 
Skottowe Wannamaker, of St. Matthews, South Carolina, 
who spoke as follows, on "The Necessity of Paying the 
Producer a Profitable Price for His Cotton": 

The curtain of civilization • — so far as our knowledge 
runs ■ — lifts on the shifting scenes of industries promoted 
by tyrant kings and carried out by hordes of slaves. 
Business, as we understand the term today — and so far 
as records run — had its beginning somewhere along the 
coast of Phoenicia, which was a little strip of land about 
150 miles long and about 50 miles wide. 

The comparatively few people who lived and worked 
along this little strip of land controlled the industrial 
markets and the marine business of the entire civilized 
world. This, perhaps, is the most magnificent and the 
most extraordinary illustration of the influence of business 
in building a nation that the world has ever seen. 

The truth that stands out against this background of 
facts is, that the most influential and most important 
nations of the world today, and during all the days that 
have ever been, are the nations that are actively engaged 
in commerce and business; that it may be held that the 
hope of commercial gain has done nearly as much for the 
cause of truth as even the love of truth; so that, commerce 
links all mankind in one common brotherhood of mutual 
dependence and interests. 

Commerce tends to wear oflF those prejudices which 
maintain distinction and animosity between nations. It 
softens and polishes the manners of men. It unites them 
by one of the strongest of all ties — the desire of supply- 
ing their mutual wants. It disposes them to peace, by 
establishing in every state an order of citizens bound by 
their interest to be guardians of public tranquillity. 

Following this, the greatest of all wars, the curtain of 
civilization will lift upon a period of the greatest com- 
mercial activity ever known in the world. This is abso- 
lutely necessary to furnish the people of the world with 
employment — "Nature's Physician"- — ^ which is abso- 



lutely essential to human happiness. We realize, as never 
before, that indolence is justly considered as the mother 
of misery and discontent. Then, too, the nations of the 
earth must become intensely busy for the purpose of pay- 
ing war debts. The war has taught us many lessons — ■ 
among them it would seem that we have disregarded the 
intention of nature concerning commerce. 

Nature seems to have taken a particular care to dis- 
seminate her blessings among the different regions of the 
world, with an eye to their mutual intercourse and traffic 
among mankind, that the nations of the several parts of 
the globe might have a kind of dependence upon one 
another and be united together by their common interest. 

Civilization itself is on trial today. The greatest war 
of all history, the World War, is followed by the greatest 
reconstruction period ever known to man. It is no ordi- 
nary problem which confronts us. It has nothing to do 
with accommodating to a gradually changing social and 
industrial status. It does not contemplate mere modifica- 
tion of old industrial forms to changed conditions. It has 
no concern with amendments to existing conditions. Every 
government in the world should meet these conditions by a 
complete change designed to better the conditions of man- 
kind as a whole. This can only be done by aflFording oppor- 
tunity for work, by putting into operation unrestricted 
commerce, so that the people of the world can be clothed 
and fed. Once civilization through the governments of 
the world puts into operation a concentrated and united 
eff^ort along these lines, one of the great causes of dis- 
content and war will be removed. As long as there is 
restraint of trade these conditions will continue, and the 
alternative today is industrial reform or ruin. If we 
refuse the one, the other shall surely compel us. We are 
today reaping every seed that has been sown. 

"In language so clear that the unlearned and the young 
can understand, the Saviour, in the parable of the wheat 
and the tares, shows that all along the journey of life man- 
kind are sowing seed of some kind, which, at the end of 
life, is going to produce a harvest, the sure outcome of the 
kind of seed sown. Nature is inflexible in certain results, 
founded and fixed by the great Creator of nature and her 
laws. What the farmer sows he will be sure to reap. 
Never yet since the world began have men gathered grapes 
from a bush of thorn, or figs from a tuft of thistles." 

The most important issue that faces the cotton world 
today, and one of the most important issues facing the 
entire commercial world, is the immediate need of a 
marked and permanent increase in the output of Ameri- 
can cotton. The World Cotton Conference will certainly 
have to face this issue. If it does not its work will mean 
but little, as the immediate and permanent increase in the 
output of American cotton is supreme above every other 
interest that now concerns the cotton world. This increase 
can only be accomplished by cooperation between the 
manufacturer and the producer, by a complete change in 
the many antiquated methods of the handling of cotton, 
and by a great increase in the price paid to the producer 
for his cotton. 

There is no product which will be more afi^ected by the 
World War, by the conditions growing out of it, than 
cotton. It is computed that nine-tenths of the clothing of 
the inhabited world is made of cotton, and that out of the 
world's population of 1,800,000,000, only 500,000,000 are 
completely clothed; 750,000,000 are only partially clothed 
and 550,000,000 are without clothing of any description. 
To provide clothing for the human race, it is calculated 
that 50,000,000 bales of cotton, or 15I pounds for every 
human being, will be required each year. The world's 
consumption of cotton today is approximately 23,000,000 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 115 



bales, and of this durinp; the last decade the American crop 
averaged about io,coo,ooo bales. It is predicted that there 
will be an enormously increased demand tor cotton as a 
result of changes growing out of the war; that in a few 
years' time the world's spinning trade will require annually 
above 30,000,000 bales of cotton. We are entering upon a 
period of mtense activity. Factories are being erected 
and spindles added tor the purpose of meeting the addi- 
tional demand lor cotton goods. The world is hungry for 
cotton. The supply ot cotton goods has been steadily 
wearing out for five years, and now the world must be 
reclothed just as it must be fed in its famished condition. 
The cotton manufacturers have enjoyed a period of intense 
prosperity; cotton mdl stocks are in demand at enormous 
premiums. One of the leading cotton manufacturers of 
America recently stated: 

"It would be a matter of almost human impossibility to 
supply the wants of the world for manufactured cotton 
goods for the next twenty-five years, even provided the 
raw material can be secured, except by a tremendous 
increase in the creation of new factories and the adding of 
spindles. However, even with these, it will be extremely 
hard to supply the pressing wants of the world." 

The increase in the world's population and the increased 
use of cotton in other products indicates that normal co 1- 
ditions, once restored, must be maintamed by an annual 
increase, if the world's economic life is to be kept on a 
sound basis. The growing cotton crop will be the shortest 
in the last decade. This added to the surplus of spinnable 
cotton brought over from last year will fail to supply the 
world's demands. 

Before cotton can be secured from the 1920 crop we 
will face an absolute exhaustion of raw cotton. In addi- 
tion to this, we must have the largest crop next year ever 
produced to fill pressing demands and prevent suffering 
on the part of the consumers of cotton goods. A small 
crop would mean idle spindles and great loss to the 
manufacturer. 

It is obvious that production must be increased in all 
lines, but especially in cotton. To increase the American 
output, the work in the production of cotton must be 
made more attractive to the laborer than work in the pro- 
duction of any other product. This means in the last 
analysis that the consumer must finally pay a price well 
above any recorded since the war began. The producer 
realizes his patriotic duty to produce and is anxious and 
ready to perform his every duty, but he will no longer 
produce except at a profitable price. He is anxious to 
cooperate with the manufacturer and feels that their 
interests should be mutual, that much of his trouble and 
adversity today is chargeable to the army that stands 
between him and the manufacturer, claiming an enormous 
toll from his product. The price the producer will demand 
will be, in my judgment, at least fifty cents per pound, 
basis middling, or more. A price less than this would 
render other crops more profitable and would mean the 
certainty of another small crop. 

This opinion is based upon the estimated cost of produc- 
tion for the growing of cotton, the price of other crops 
that can be produced on the same lands, and the marked 
change in labor conditions. Anything that threatens 
to interfere with a marked increase in the supply of 
American cotton under existing conditions is positively a 
menace to the welfare of the human race. The old day of 
low-price labor and low-cost cotton has gone forever. 
The old economic claims of the all-cotton system have 
been broken and gone to the scrap heap, never again to be 
forged. 



It is said that necessity is the mother of invention. As 
a matter of patriotism first, and next as a matter of neces- 
sity, the cotton producer planted largely his lands during 
the war in food and feed crops. The result has been 
startling. The doctrine that has been preached to the 
producer tor the last sixty years has been put into prac- 
tice. The possibilities of the soils of the South and the 
necessity of diversified farming have been startlingly illus- 
trated. The famous words of Henry W. Grady, that bril- 
liant Southerner, who was one of the first great exponents 
of the New South, uttered some thirty years ago, have at 
last borne fruit: 

"No one crop will make a people prosperous. If cotton 
holds a monopoly under conditions that make other crops 
impossible, or under conditions that make other crops 
exceptional, its dominion will be despotism. Whenever 
the greed for a money crop unbalances the wisdom of hus- 
bandry, the money crop is a curse. When it stimulates 
the general economy of the farm it is the profit of the 
farm. The soil that produces cotton invites the grains 
and the grasses, the orchard and the vine. Clover, corn, 
cotton, wheat and barley thrive in the same enclosure; 
the peach, the apple, the apricot, and the Siberian crab 
in the same orchard. Herds and flocks graze ten months 
every year in the meadows over which the winter is but a 
passing breath and in which spring and autumn meet in 
summer's heart. Sugar cane and oats, rice and potatoes, 
all come together under our skies. To raise cotton and 
send its princely revenues to the West for supplies and to 
the East for usury would be a misfortune if soil and climate 
forced such a course. When both invite independence, to 
remain in slavery is a crime. To mortgage our farms for 
the money with which to buy meat and bread from Western 
cribs and smokehouses is folly unspeakable." 

Now, the South has made great strides in the past ten 
years because she has seen a great light. The acreage and 
production of corn, oats, wheat, peanuts, velvet beans, 
hay, sweet potatoes, and Irish potatoes, and the production 
of home gardens have all increased very wonderfully in the 
past decade. The number of hogs in Florida has increased 
86 per cent since 1910, in Mississippi 76 per cent, in Ala- 
bama 75 per cent, and in Georgia 70 per cent. The num- 
ber of beef cattle in Alabama has increased 50 per cent. 
The increase in dairy cows in Mississippi the last year is 
41,000, in Louisiana 33,000. These few figures are given 
as slight examples of the progress made toward a safer 
and better balanced agriculture. The boll weevil which 
threatened to devastate the cotton fields of the South has 
proven almost a blessing in disguise, and hence she is fast 
building the fortifications to defend herself against the 
boll weevil, the pink boll worm, the leaf worm, the root 
knot and the wilt, the war, the shortage of labor and all 
these other things, by producing corn and hogs, poultry 
and eggs, gardens, small grain and cattle, milk and many 
other things. 

Throughout the length and breadth of the entire South, 
into the remotest rural districts, today the cost of the 
false economic conditions under which the Southern 
cotton producer has been laboring is understood as never 
before. He realizes that cotton growing is sectional. 
Its use, like sunlight, reaches the farthest clime. The 
world demands it, and like sunlight, the world demands it 
cheap. Cotton, fabulous in its beneficences, is a curse 
only to the section which produces it. Cotton brought 
the slaves from the East to the South at a price that was 
productive of internecine strife and of civil war. Cotton 
made the South the defenders of slavery, the derelicts of 
agriculture, the victims of a vindictive peace, and con- 



116 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



signed them to a sectional prejudice in the country's 
government. The unnatural demand that cotton should 
be grown cheap and sold cheap placed the South in ever- 
lasting defence of its life product, and in the fatal position 
of organizing within the government an ex parte govern- 
ment for its own protection. All of these things have 
made the South poor, not rich. That the South is poor, 
the poorest section of the United States, is evidenced by 
the tax assessments of the Government, in the calls for the 
Liberty Loans, Y. M. C. A., Red Cross and other govern- 
ment demands on the loyalty and ability of the people. 
The South was assessed the least, not because they were 
the least loyal, but because they had the least money. 
The section which has made the most out of cotton, more 
out of it than the growers. New England, was assessed 
more, not because they were more loyal, but because they 
had more property. Concerning the poverty of the South, 
bank deposits might be considered as another index of 
wealth and prosperity in other sections. By examination 
of the report of the Comptroller of the Currency issued in 
June, 1918, from all state and national banks, we find 
that the individual deposits in the banks of the eleven 
cotton states amounted to $2,211,403,000. If the indi- 
vidual deposits in the banks in the states of Minnesota, 
Iowa, South Dakota, Nebraska and Kansas are taken, 
we find they amount to $2,246,896,000; in other words, 
the bank deposits of five states in the Northern wheat, 
corn and pork-producing section equal the entire bank 
deposits of the eleven cotton states. In no case do the 
bank deposits of any cotton state, except Texas alone, 
equal the bank deposits of Kansas, Nebraska, Iowa, 
Minnesota, Wisconsin, Michigan, Illinois, Indiana, or 
Ohio in June, 1918. The bank deposits of Ohio and Illi- 
nois on that date were more than the bank deposits of the 
eleven cotton states. It probably is not fair to take the 
bank deposits in national banks alone, but we have later 
figures for these showing that on March 4, 1919, after the 
cotton crop of the last year was marketed, and sold to a 
considerable degree, the national bank deposits of the 
eleven cotton states did not equal the national bank de- 
posits of six Northern states, including Michigan, Wis- 
consin, Minnesota, Iowa, Nebraska and Kansas; and 
here again in no case do the national bank deposits of 
March 4, 1919, of any cotton state, except Texas and 
Oklahoma, equal the bank deposits of Ohio, Indiana, 
Illinois, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, 
or Kainsas. 

The production of cotton brought the fearful Recon- 
struction Period to the South. The conditions in Europe 
today are not, as a whole, as desperate by any manner 
of means as were the conditions in the South at the close 
of the Civil War. The South had fought four years against 
overwhelming odds. Every bond and every dollar issued 
in the payment of war expenses were, by the terms of 
readmission to the Union, repudiated. The loss of the 
South in men and in money was in proportion to popula- 
tion and wealth equally as great as the loss in Europe. 
The South had fourteen years to endure a condition in 
many respects surpassing that from which Europe is suffer- 
ing. But the South rallied. It never cringed, and it never 
whined. 

The price of cotton was based upon slave labor; starva- 
tion wages. The agricultural labor of the South is in the 
process of a readjustment. What does this new alignment 
mean and to what extent and how will it aflFect the price 
of farm products.? The answer to these most important 
questions is revealed in the increasing items of comfort 
which the alignment is adding to the living conditions of 
the laborer. A careful figuring of the rations indicates 



that the cost of living on account of this increase in com- 
fort will be around eight times more than it was, say 
twenty-five years ago. On some items the ratio really 
figures much higher than this average. Let us take as 
illustration the items of food, clothing and housing. The 
laborer is not only demanding a decided improvement in 
the quality of these necessities, but a very decided increase 
in the quantity also. For instance: A family of four — 
man, wife and two children — under the old regime were 
issued four pounds of meat a week, mostly for the use of 
the man. It cost about thirty-two cents. Now they are 
demanding sufficient for all the family — ten pounds. 
It costs about $3.50. Such a family in that era got two 
pairs of brogan shoes a year. They cost about $1.50 per 
pair — total three dollars. Now they want two pairs 
brogans, two pairs for Sunday wear, two pairs for the 
children — six pairs in all. They will cost around twenty- 
eight dollars. As to clothing. The man got one woollen 
suit about every two years in the old days. It cost around 
eight dollars, or an average of four dollars each year. 
Now he wants at least one suit every year, costing about 
twenty-five dollars, with the probability of it averaging 
more. The same ratio applies to the clothing for the wife 
and children. Such a family, under the old conditions, 
lived in a one-room log cabin, built without brick, glass 
windows, screens or ceiling — • it cost approximately fifty 
dollars. They are demanding now a house with several 
rooms, brick chimneys, glass windows, screened and ceiled 
throughout. Such a house will cost now about five 
hundred dollars. 

Cotton production in the South has forced the employ- 
ment of women and children in the cotton fields, regard- 
less of hours and age. By the last census 84.94 per cent 
of all women engaged in agriculture were located in the 
eleven cotton states. Where Iowa only had a little over 
9,000 women scheduled as engaged in agriculture by the 
last census, Texas had 184,000 and Mississippi, Alabama 
and Georgia more than 200,000 each. The tenant's wife 
and the negro tenant's wife and daughter work in the field 
doing the hoeing, the chopping and the picking. We know 
that the world wants cheap cotton to clothe its nakedness, 
but may God forgive the man who wants it at the price 
of women's labor and children's labor in the cotton fields. 
Those of us who have loved the South because of its possi- 
bilities, who have realized the wrongs of its past history, 
and who have devoted long days, months and years of 
hard work to help solve its difficult and intricate problems 
in order that it might be a stronger, safer and better agri- 
cultural part of this great nation, have dreamed of a 
change of economic conditions which would put the 
Southern farm woman on a better basis in her relation to 
production and the farm home. 

As a result of cotton production in the South the pro- 
ducer has been forced to become a commercial cannibal, 
this being absolutely necessary to enable him to exist; 
he destroyed his forestry; fleeced his soils of their fer- 
tility; existed on his natural assets, denying to himself 
and his family reasonable hours of work, proper working 
conditions, a decent home, and the opportunity to play 
and to learn. Existence upon the price paid for cotton by 
the manipulator for the last sixty years has brought condi- 
tions to the rural sections of the South that have failed 
to attract any immigration to the cotton-growing 
section; have driven the white man to other employments, 
and are even driving the negro today into other fields of 
work. 

Had it not been for the production of cotton in the 
South, the South would have been the great granary and 
stock-raising centre of America; would have had great 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 117 



factories and also large mining centres; and would have 
had a dense white population. 

Had it not been for the planting of cotton in the South 
and the false economic conditions resulting therefrom this 
would have been the richest and most populous part of 
America. It would have been the centre ol the nation's 
industrial activities; the centre of diversified farming, 
and it would surpass in wealth both the Eastern and 
Central Western States. We had the soil and we still have 
the climate and the natural resources. We wasted much 
of our soil by the one-crop system without rotation. We 
have natural advantages surpassing those of any other 
equal area in the world. We have yielded up the most 
priceless heritage of natural advantages ever given to any 
people on earth through our slavery to the one crop, 
cotton, this being due to the fact that the price has been 
absolutely set and dominated by the buyers and the pro- 
ducer has never been allowed a voice therein. 

The growing cotton crop is the most costly ever grown 
in the South. Never again will we see cheap labor. Owing 
to a wholly erroneous estimate by the public, cotton has 
always occupied a false position in the economic life of the 
South. This has been due to the habit, inherited from 
the regime of slavery, of not charging the crop up with 
the expense involved in its production in keeping with 
what sound business usage demands. In the South cattle, 
sheep, hogs, corn, oats, potatoes and other products, repre- 
senting millions of dollars in value, have been, and con- 
tinue to be, consumed each year on the farms upon which 
they are grown. Where half of the area cultivated is in 
cotton, the consumption of fully 75 per cent of these 
products is made necessary by the cultivation and harvest- 
ing of the cotton crop, that being about the excess of labor 
which cotton requires. In other words, if it had not been 
for the cotton crop, 75 per cent of these products consumed 
could have been sold for cash and would have become a 
liquid asset of the farmer. The fact that machinery can 
be used in both the cultivation and harvesting of most of 
these other products accounts very largely for this excess 
against cotton. But cotton is a hand-made product. 
Until very recent years not a dollar's worth of these prod- 
ucts were ever charged up to cotton, or was seriously 
regarded as a part of the expense in its production. Thou- 
sands of women and children, white as well as black, have 
worked in the cotton fields, the major part of them under 
the most wretched conditions of poverty, yet, for the 
better part of half a century their labor was not ever con- 
sidered as an item of expense in growing cotton. Indeed, 
there are still to be found some people who figure that 
cotton can be grown at a low cost, frankly basing their 
estimates on this slavery of women and children as a cheap 
form of labor. This habit, inherited from slavery days, of 
giving cotton the benefit of free labor, and free food, 
finally became crystallized into the conventional view, 
which has been for years more or less authoritative and 
has to a considerable degree intimidated the free expres- 
sion of opinion regarding the cost of production. The fact 
is, a strict accounting so raised the cost of production, as 
compared with the views based upon the slipshod methods 
of the past — the real basis for the conventional view, 
that students from a fear of criticism were for a long time 
actually reluctant to announce the result of their calcula- 
tions, although their findings were clearly justified by the 
rules of sound bookkeeping, and also by recognized facts 
as to the value of the products consumed in production. 
The following figures are based upon a twenty-acre cotton 
farm, per estimate of W. W. Morrison, one of the leading 
experts on the cost of production in this country: 



Estimated Cost of Coiton Crop — 1919 
Number 

1. Rent 20 acres land $7.50 per acre $150.00 

2. Rent one plow animal 65 .00 

3. Feed one plow animal 279.00 

4. Ginnins; 9600 lbs. seed cotton, 30c per 100 29.80 

5. I ransportation farm products and supplies 30.00 

6. Deterioration of farm mipiemcnts 20.00 

7. Labor one man, I yr., j575 per month 900.00 

8. Extra labor hoeing over crop 3 times, 75 days, $2.50 

per day 187.50 

9. Picking 9600 lbs. seed cotton, $1.50 per hundred. . . . 1 4.4 . 00 

Gross e.xpense $1,804.30 

Less 3 J tons seed at $90 per ton 288.00 

$1,516.30 
20 acres, 160 lbs., 3200 lbs. lint, net expense $1,516.30 
Cost 47§ cents. 

The current prices on which this statement is based can 
be too easily ascertained to make any discussion of the 
items in detail necessary. It may, however, facilitate 
investigation to state that the scientific feed for one plough 
animal for one year is 53 bushels of corn, 53 bushels of 
oats and three tons of hay. This costs the consumer for 
corn $z per bushel, oats ^i per bushel, hay $60 per ton 
for number one timothy. The estimate is based on 
country hay at $40 per ton. Labor is also based on a 
wage of $75 per month, or ^2.50 per day. Much evidence 
in the hands of the writer indicates that it may average 
$3 per day for the year. The evidence also indicates that 
picking may average $2 instead of $1.50 for the season. 
No charge for fertilizer is included in the above. 

The following estimate as to the cost of production is 
taken from the South-Atlantic States, where commercial 
fertilizer is used: 

(In a large number of the South-Atlantic States Ger- 
man potash is indispensable for the production of cotton. 
The non-use of this potash for the last four years has 
proved very injurious to the soil and it will require years 
to rebuild the vitality of the soil so as to produce a normal 
yield of cotton.) 

Cost of cotton production illustrated on a one-horse 
farm of 27 acres: 

Fertilizer 

Six and three-fourths tons fertilizers 8-3-2 at $58 $391 . 50 

One ton nitrate soda 90.00 

Labor 

One plow hand, 12 months, at $40 480.00 

Hoe labor, 18 acres, at $2.25 4° ■ 5° 

Extra labor, gathering corn, hay, etc 50.00 

Picking ten bales cotton at $1.20 per hundred 120.00 

18 bushels planting seed at $2 36.00 

10 per cent depreciation on $600 equipment 60.00 

Incidental expenses 30.00 

Ginning, bagging and ties 10 bales 50.00 

Total $1,348.00 

Income 

Seven bales, 400 pounds each at 30 cents $840.00 

240 bushels cotton seed at $1 240 . 00 

$1,080.00 

Net loss $268 . 00 

Even basmg the cotton at 50 cents a pound income from this cotton 
would be $1400 instead of $840 at 30 cents, a difference of $560, and sub- 
tracting the net loss of $268 would leave the farmer at 50 cents per pound 
a net income of only $292 for the year's work. 

It is absolutely necessary that the producer receive a 
profitable price for his cotton that will enable him to 
rebuild rural conditions so as to attract and hold his labor. 
A census of white homes of cotton producers taken con- 
secutively at various sections of the cotton belt proved the 
absolute necessity of this. This investigation brought to 
light that there was running water in only five per cent of 
these homes; only four per cent of the homes had lights, 
either acetylene or electric; only two per cent contained 



118 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



sewerage. Five hundred negro homes, of course, showed 
the absolute absence of any of these, but it further showed 
the fact that it will require the expenditure of billions. 
The white man returning from service has brought a new 
vision. He will no longer tolerate the deplorable condi- 
tions that have existed for the last sixty years. Unless 
cotton brings a price that will change these conditions he 
will refuse to return to the cotton farm. The negro comes 
back with a different viewpoint. He refuses to longer seek 
employment in producing cotton under existing conditions. 
He is accepting more comfortable surroundings and larger 
remunerations which are freely offered to him in other 
lines. This is resulting in the spread of discontent through- 
out the entire cotton belt and is bringmg about a great 
shortage of labor. 

Referring to the increase in the price of the staple 
products consumed in growing cotton, the following make 
up the major part of this cost: bacon, dry salt ribs, lard, 
corn meal, flour, oats, corn, sheeting, ticking, calico, plaids, 
osnaburgs and fruit of the loom. Retail merchant's books 
and local market quotations approximate, with much more 
accuracy than any other records, the price the growers of 
cotton have to pay. These records show that, from 191 3 
to May, 1919, the price of these commodities advanced 
273 per cent, most of it during the last twenty months. 
As labor makes up, according to the best authorities, 
about 50 per cent of the cost, these figures show an increase 
in the cost of growing cotton during this period of 256 per 
cent, or 34.56 cents per pound. In other words, cotton 
today would have to sell at 48.06 cents per pound, to bear 
the same relation to the expense involved in its production 
that it bore in 1913, when the average price was 13I cents. 
These figures point, with a fair degree of precision, to a 
loss of more than a billion dollars on the indicated crop, 
if it should be sold at the current price of future contracts. 
Yet the public, in the South as well as in the North, is 
always keyed up over the crop reports, while what the 
cotton is going to cost is either neglected or ignored. 

High prices of cotton as compared with former years 
must inevitably continue because of high cost of produc- 
tion. Moreover, unless prices are high enough to have a 
stimulating effect upon cotton production, the world will 
within a few years face a cotton famine of serious import. 
The world will continuously need a very much larger 
supply of Southern cotton than we have ever raised on 
account of the greatly increased demand, and some years 
our crops have been very small, and this year's promises to 
be exceptionally so. 

As labor and foodstuffs and iron and steel have been 
lifted by the war inflation to a very much higher plane of 
cost than in former years, so cotton must inevitably go. 
Every man who seeks to lower the price of cotton is seek- 
ing to permanently decrease the world's supply to a 
famine condition, for the farmers of the South have 
become thoroughly alive to diversified agriculture, to 
live-stock raising as a business, and to the opportunities of 
profitable employment in industrial pursuits. Even 50 
cents a pound for cotton will not bring them back to the 
all-cotton system. 

The cotton producer has already received the actual 
benefits of diversified farming. He will never return to the 
all-cotton system. In the eleven years between 1909 and 
1919, both inclusive, the total value of the cotton crops 
of the South was $13,236,000,000. Any fair valuation 
whatever would have caused these crops to sell for 
$25,000,000,000, and this extra $12,000,000,000 would 
have brought an enormous enrichment to every section 
of the cotton-producing region. It would have meant more 
and better schools and larger and more attractive churches. 



It would have meant a broad development of the whole 
educational system of the South. It would have prevented 
the great illiteracy which exists in many part of the South. 
It would have taken out of the cotton fields the hundreds of 
thousands of women whose work has helped to make the 
cotton of the last fifty years, and without whose work the 
cotton crop could never have been sold at the prices which 
prevailed. It would have meant better roads and better 
farm conditions. It would have swept out of existence 
the miserable huts unfit for human habitation in which 
millions of negroes and poorer whites are compelled to live. 
It would have built up a broad prosperity on the farm and 
in the village, in the town and in the city, such as is seen 
in Nebraska, Iowa and Kansas. 

Vast as is the $13,000,000,000 received in eleven years 
for the South's cotton, when taken by itself, a new light 
dawns upon the situation when studied in connection with 
the value of other crops. Cotton, the royal staple which 
shapes the politics, the industrial activities and the finan- 
cial wealth of much of the world, brought $13,000,000,000 
for eleven crops. But hay, of which we rarely think in 
terms of billions of dollars, brought during the same 
eleven-year period over $11,000,000,000. Cotton means 
intense cultivation; hay grows without cultivation. 
Cotton brought to the South very small profit on the enor- 
mous total value produced. It neither enriched the soil 
nor the producer. It meant exhausting work to millions 
of people who cultivate it, but hay, which grew without 
cultivation, which was easily harvested and marketed, 
brought almost as much in aggregate value as the cotton 
crops and was to a very large extent net profit to the 
growers, as compared with scarcely any real profit for the 
cotton producers. Even the oat crops produced in the 
eleven years reached in value more than half as much as 
the cotton crops. 

Wheat, which like hay, grows without cultivation after 
it has been once sown, and which is easily harvested, 
yielded a total of $10,830,000,000, or nearly as much as 
cotton; while the value of the corn crop, which, except in 
the form of meats, enters scarcely at all into the nation's 
foreign commerce, reached a total of more than 
$26,000,000,000, or double the value of the cotton crops, 
and to this should be added the value of the fodder, a very 
large item. 

Corn and wheat and oats and hay have yielded enor- 
mous profits to the growers. They have enriched the sec- 
tions which produced them, enriched the individual 
growers and the communities and brought abounding pros- 
perity to people of all classes throughout the great grain 
and grass regions of the West. But cotton, earth's most 
priceless product, cotton, which shapes the destiny of hun- 
dreds of millions of people who depend upon it for clothes, 
yielded a scanty living in the past to those who produced 
it. They exhausted their mental and physical vitality, 
exhausted the soil and drained the South as a whole in 
order to enrich the rest of the world at the expense of this 
section. Surely the time has come when any man who has 
a conscience void of offence to God and man should unite 
in working for a price for cotton which will bring to the 
South and to individual cotton producers the abounding 
prosperity which wheat and corn and hay have given to 
the individual farmers of the West, as well as to all of the 
ramified interests of that section. 

Every line of manufacturing in the South will be limited 
in its development until cotton brings a profitable price to 
the growers. Every educational advancement of the South 
will be lessened in its efliiciency until cotton brings a profit- 
able price to the producer. Every religious activity of 
home missions and foreign missions will be limited in its 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 119 



work and in its power to raise money for the extension ot 
the Gospel throughout the world until cotton hrings a 
profitahle price to the grower. Every road construction 
undertaken in the South will be limited in its expansion 
and in its influence for good until cotton brings a profitable 
price to the producer. Every country school and every 
country church will continue as at present, inefficient, 
inadequate to the work it is trying to do, occupying as in 
most cases some wretched buildmg, unfit tor the purpose, 
until cotton brings a profitable price to the grower. Every 
school teacher in the South, every minister of the Gospel 
in this section, will receive inadequate salaries until cotton 
brings a profitable price to the grower. 

In the light of these facts it becomes the solemn duty of 
every man and woman, regardless of profession or occupa- 
tion, to do everything in their power to encourage the 
thought and to cooperate in the work of securing a profit- 
able price to the growers. And w-hat must this price be? 
In the first place, it must pay to the worker in the cotton 
field, whether he be a day laborer or a tenant, as large a 
wage as he could make in similar employment elsewhere. 
It should mean an income to the family which would send 
the children now in the cotton fields into the schoolhouse 
and the women back into their homes. On top of this it 
should mean a fair rate of interest on the capital invested 
in the land, after allowing for the better fertilization of the 
soil, a fair profit on the live stock and the farm equipment 
used, after depreciation and a profit have been counted. 
And until cotton brings a profitable price the producer will 
continue to plant more largely other crops. 

The American Cotton Association was formed less than 
one year ago and it is already becoming the guiding star 
of the cotton producer. With representatives in every sec- 
tion of the entire cotton belt, and a membership of over one 
million farmers, merchants, bankers, business and profes- 
sional men, it is showing the farmer that he produces the 
fibre that clothes all the civilized world, a product that all 
mankind must have, and for which they must pay him a 
profitable price. Otherwise it is a matter of safe, sound 
business for him, not only to reduce his cotton acreage, 
rotate his crops, planting largely in other crops, but to 
reduce them to such an extent that the world will pay him 
a profitable price for his cotton. 

To meet these changed conditions, the farmers, mer- 
chants, bankers, business and professional men of the 
cotton-growing states met in a determined cooperation and 
organized the American Cotton Association. The objects 
and purpose of the association are as follows: 

1. To protect the interests of the cotton producer and 
to improve his condition. 

2. To promote economic regulations of cotton produc- 
tion to the end that supply shall be so adjusted to demand 
that the producer shall at no time be required to sell his 
product at less than a fair and reasonable profit. 

3. To promote intelligent diversification of crops, and 
to develop markets for such crops, other than cotton, as 
may be profitably raised. 

4. To improve and enlarge presently existing ware- 
housing facilities and to secure additional facilities to the 
end that the producer may carry the crop, or such part 
as he may desire, at the minimum of expense and physical 
damage and at the maximum of security and financability. 

5. To broaden the markets for raw cotton and to 
enlarge the uses for cotton and cotton goods. 

6. To improve and increase transportation and distri- 
bution facilities. 

7. To collect information as to both domestic and for- 
eign consumption of cotton, the state of trade, the extent 



of acreage, supply and condition of crop, and all other 
information ot practical interest to the cotton industry, 
and to disseminate the results through the several sub- 
organizations to every member of every community, 
together with directions as to the course to be pursued in 
order to secure the best results in view of the facts 
disclosed. 

8. To do all and singular whatsoever may be conducive 
to the stability and profitableness of the cotton-producing 
industry. 

With representatives in every cotton-consuming country 
of the world, the American Cotton Association will at 
regular intervals issue definite information concerning 
supply and demand. It will issue a regular semi-monthly 
report on supply and demand and a crop report to its 
members. This information is of vital importance and will 
prove very advantageous. It will furnish information as 
to the cost of manufacturing the various grades of cotton 
cloth out of various grades of cotton, so that the producer 
by subtracting these figures from the published prevailing 
price on cloth can ascertain the price for his raw cotton. 
Based on supply and demand, it will furnish information 
to the public, showing the world's need for cotton in 
advance of the time for planting, so that the producer can 
plant only such acreage in cotton as, with average seasons, 
will produce sufficient cotton for the world to consume at 
remunerative prices, planting other lands in food and feed 
crops. Operating the farm on a business basis will be the 
result. It will maintain an active bureau on publicity, to 
keep the producer fully informed as to all conditions bear- 
ing on cotton, and will also furnish the cotton-consuming 
world with information that should be placed in its posses- 
sion. It will give special attention through special com- 
mittees and experts to soil improvement, seed improve- 
ment, live-stock improvement, furnishing information 
along these lines to its membership, and will urge the 
importance of crop rotation and diversification. The Asso- 
ciation will hold conventions attended by representatives 
from every cotton-producing county in the cotton belt, 
when a minimum price based on supply and demand will 
be recommended on cotton from the growing crop, and 
the acreage to be planted the following season, also based 
on supp'y and demand, will be recommended. Other 
lands will be planted in feed and food crops, so that the 
farm can be operated on a business basis. 

The American Cotton Association will undertake, in 
behalf of the cotton-growing interests of the South, to 
evolve out of the present primitive, wasteful and unprofit- 
able handling and marketing of the cotton crop economic 
and efficient methods of baling, warehousing, handling and 
marketing the staple, so as to permanently provide fair 
and reasonable prices for the growers. In the reconstruc- 
tion of this country's industrial and agricultural business 
as an aftermath of the World War, economy and efficiency 
must be the guiding features to success. How and in what 
way does the American Cotton Association propose to 
organize the growers and allied business interests so as to 
relieve the wasteful and existing unsatisfactory and intol- 
erable burdens, and bring into practical realization those 
economic and efficient reforms which will make the future 
production of cotton both profitable and attractive to the 
growers.? The following three planks incorporated into 
the general platform of the American Cotton Association 
answer the questions and will make possible a speedy 
solution of the many vexed problems by which the 
growers have been confronted during the past fifty 
years: 

First, the economic reform of baling cotton through the 



120 OFFICIAL REPORT OF THE 

adoption of high-density gin compression at every gin 
plant in the South. 

Second, the estabhshment of ample cotton warehouses 
at all interior cotton markets and at the ports, with 
space sufficient to store every bale of cotton produced 
until sold and shipped for consumption. 

Third, the efficient organization and capitalization of 
county cooperative cotton-marketing societies and state 
cotton corporations, throughout the cotton-producing 
states, so that the growers will own and control the agen- 
cies and machinery for marketing their cotton and cotton 
seed direct to consuming establishments in this country 
and in Europe. 

The cotton growers expect to emancipate themselves 
from a continuance of agricultural slavery in the production 
of cotton, and they will control the entire machinery of the 
raw cotton industry from the time the seed is planted in the 
soil until the harvested crop is delivered into the hands of 
the consuming mills. 

If cotton bales are gin compressed with the use of high- 
density machinery, it means the complete and final prepa- 
ration of each bale tor economic storage, handling, trans- 
portation, tare, insurance, elimination of sampling and 
resampling, waste, country damage, and the delivery of a 
high class commercial package acceptable to the spinners. 
Under such a system the recompression of cotton bales 
would be eliminated and the congestion of cotton at large 
compress points avoided. There would be practically no 
danger from fire or damage from weather exposure, and 
the net weight contract for marketing cotton could be 
easily introduced. Each bale of such cotton could be 
sampled properly when in the process of compression by 
the ginner, acting under state or federal appointment, and 
when the bale left the press there would be no need of the 
cutting and mutilating of coverings for samples, which are 
so expensive under existing conditions. The covering 
should be of light, closely woven burlap, uniform in weight, 
and the use of jute bagging entirely eUjninated. 

The producer fully realizes the advantages to be gained 
by gin compression, and the American Cotton Association 
is fully determined to bring about this long overdue change. 
Some of the so-called fixed charges deducted from spinners' 
prices by exporters in making price to farmers, the net 
price varying each day according to the fluctuations of 
speculative cotton exchanges, are amply illustrated as fol- 
lows, these deductions applying to present methods of 
baling and marketing spot cotton for a 500-pound bale: 

Fixed charges deducted assuming price of Liverpool market to be 
40 cents per pound delivered. 

6 per cent, for tare 220 points ^11.00 

Local warehouse charges and insurance 20 i .00 

Average interior freight 40 2.00 

Recompression for density 15 .75 

Ocean freight to Liverpool 200 10.00 

5 pounds average loss in weight 40 2. 00 

Docking and day charges Liverpool 10 ' .50 

Marine insurance charges 40 2.00 

Average undergrading 30 i-SO 

Commission 40 2 . 00 

n, . . , . ^55 . ?32.7S 

Showmg a deduction of 655 pomts or ^32.75 and leaving net price 
to grower at 33.47 cents per pound basis middling. 

Fixed charges which would apply to a bale of cotton high density gin 
compression under same conditions: 

Deduction for tare 12 pounds — actual cost 50 points $2.50 

Local warehouse charges and insurance 10 .50 

Average interior frieght 40 i . 00 

Ocean freight to Liverpool 150 7 SO 

Docking and dray charges Liverpool 10 .50 

Marine insurance 20 i .00 

Commission 40 2 . 00 

320 $16.00 



WORLD COTTON CONFERENCE 

Showing a deduction of 320 points or $16 and leaving net price to 
grower of 35.84 cents per pound basis middling — a net difference in 
favor of the economic high density gin compressed bale of 237 points 
or $11.85. 

This net difference applied to a crop of 12,000,000 bales means a net 
saving to the growers of $142,200,000, enough to pay the initial cost of 
equipping every first class ginnery in the South with high density gin 
compress machinery and building all ^additional interior warehouses 
needed to safely house the crop. 

The South has lost millions by permitting its cotton to 
stand out in the weather, the Department of Agriculture 
showing this loss to be as high as from thirty-five to fifty- 
five millions a year. The American Cotton Association 
has on a campaign for the erection of warehouses in each 
county or parish in the entire cotton belt, owned and con- 
trolled by the people of said county or parish, and operated 
under either the federal or state warehouse act, to provide 
storage for every bale of cotton produced. More of these 
warehouses are being constructed today as a result of 
this work than at any time since the war between the 
states. Over three million dollars has been raised for this 
purpose within the last month. Each warehouse will be 
constructed with the sprinkler system so as to reduce to a 
minimum the cost of insurance. Each warehouse will be 
bonded and placed under the control of state or federal 
law. An expert sampler and grader will be placed in 
charge of each warehouse by appointment of state or fed- 
eral law. Every receipt issued by such an agency will 
show the serial number of the bale, its correct weight and 
grade, the number and location of the warehouse, officially 
signed by the agent in charge, and delivered to the owner 
of such cotton. Cotton stored under such conditions can 
be readily financed under the Federal Reserve Banking 
System at lowest rates of interest. In addition to this 
the law has been amended permitting the national banks 
to make loans of twenty-five per cent of their capital and 
surplus on cotton so stored, instead of ten per cent as 
heretofore. The marketing of the crop will be regulated 
in this way to meet the legitimate needs of the consumer, 
absolutely overcoming the disastrous effects of speculation 
and manipulation of prices by the cotton exchanges in 
this country and Europe. In this way the law of supply 
and demand will regulate for the first time. The price of 
raw material cotton can and will be stabilized on the basis 
of fair and profitable returns to the grower and he will not 
continue to produce cotton except upon a reasonable and 
profitable basis. 

The American Cotton Association has urged the impor- 
tance of making these warehouses "warehouses of deliv- 
ery" for the exchanges, so that cotton bought by contract 
on the exchanges can be delivered from said warehouses. 
This arrangement will be greatly to the benefit of the 
manufacturer as well as the producer and will furnish 
a large source of legitimate business to the exchanges. 
Therefore, cooperation in putting into effect this ar- 
rangement should be received from the manufacturer and 
the exchanges. 

Viewed broadly, the producer and the manufacturer 
should be indispensable halves of an industrial whole. 
If this view had been mutually held conditions would be 
far different today. "Let the dead past bury its dead." 
It is, of course, useless to raise the question as to who has 
been responsible for beating down the price of cotton for 
the last sixty or one hundred years. 

As an illustration of this matter of beating down the 
price of cotton, I quote the following cases: 

In leading Eastern papers of the United States there 
appeared on April 15, last, a lengthy letter written by Mr. 
Randall N. Durfee, Chairman Cotton Buying Committee, 
National Association of Cotton Manufacturers, making a 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 121 



malicious attack upon the cotton-growing interests of 
the South, based upon its effort to reduce its acreage in 
cotton and increase its acreage in foodstuffs. In this 
attack he stated that the cotton farmer was making a mis- 
leading statement as to the cost of production tor the pur- 
pose of saving the payment of income tax. Mr. Durfee 
stated further that cotton could be produced and sold 
profitably at 11.28 cents per pound, basis middhng. He 
bitterly arraigned Southern farmers, while gloating in the 
enormous prosperity of Massachusetts as compared with 
that of the South, and used this fact as an argument as to 
why the South should continue to sell cotton at a low 
price. His letter is in keeping with the efforts which have 
been made for three quarters of a century — to hold 
down the price of cotton to the detrmient of the South. 

In 1904 Mr. C. W. Macara, president of the Federa- 
tion of Master Cotton Spinners' Associations of England, 
cabled to all the leading cotton manufacturing associa- 
tions of the world a suggestion that they should enter 
into a plan for breaking down the price of cotton. In 
explaining the reason for this, he said: "To endeavor to 
bring about an international union of users of cotton is a 
work well worthy of a serious attempt." And to this he 
added the following remarkable statement: "For no com- 
bination of holders of any raw material can long stand 
against a combmation of users of that raw material." 

In a report to the British Parliament, made about three- 
quarters of a century ago, it was suggested that British 
cotton spinners should put forth their utmost efforts to 
hold the price of cotton down, so that the cotton growers 
of the Southern states of America would be forced to 
increase their production by more profitable prices, but 
to drive the price to the lowest point possible on the 
theory that the cotton grower had to have a certain amount 
of money, and, therefore, he would be forced by low prices 
to increase his output. That report is typical of the efforts 
of the cotton buyers of the world for a century to beat 
down the price of cotton to the lowest possible point, and 
force the cotton growers of the South to compete with the 
cheap farm labor of India and China. 

In his address on May 24, 1904, to the International 
Congress of Master Cotton Spinners and Manufacturers 
Associations of the World, Mr. Macara emphasized the 
importance of getting an abundant supply of cheap cotton 
and said: "There is little doubt that cotton can be grown 
at a profit in the United States at 3|d. to 4d. (7 to 8 
cents) a pound, according to the yield." 

The same thought was expressed by other delegates to 
that convention. Herr Kuffler, of Austria, in discussing 
the cotton situation, said: "We want cheap cotton," and 
"we hope cotton will go down again, if not to 3d. to 4|d." 

This was not a new thing for spinners to do. For one 
hundred years the fight of European spinners has been to 
decrease the price of cotton to the lowest possible figure, 
and during that entire time European papers and the 
reports of European cotton associations have been filled 
with stories of the efforts of cotton manufacturers to 
break the price of cotton. The above are only among the 
many cases where united efforts have been used to beat 
down the price of cotton. It is not necessary to go further 
into the records, for one thing is certain, the producer 
paid the penalty. He has his own opinions, based upon the 
record, as to who was responsible. He has never heard of a 
protest from any source, manufacturer or manipulator, 
against any steps that were taken to depress the market. 
Violent protest has been raised when the market was 
boosted by manipulator and manufacturer. One thing is 
certain, the price being paid for cotton today is below 
the cost of production, is far below the price of the manu- 



factured product, and the producer feels that he should 
have at least a remunerative price for his cotton, with a 
share in the profits; that the price should be based on 
supply and demand and the price of the manufactured 
product, less a fair profit to the manufacturer. He does 
not ask or expect anything more, but will not be satisfied 
with less. He absolutely refuses to profiteer, even were 
it in his power. 

"A burnt child fears fire." The producer can find no 
law, human or divine, to force him to continue to produce 
cotton for the purpose of selling it below the cost of pro- 
duction, nor is there any divine command resting upon the 
South to raise cotton, either for the purpose of maintain- 
ing the supremacy of this country in the cotton trade, or 
for clothing the world. Therefore, the Southern farmer 
is determined to operate his farm upon a business basis; 
his production of cotton will continue to decrease; his 
production of other more profitable crops will continue to 
increase, until profitable prices are paid for cotton. 

In fairness and justice to the producer, as a matter of 
protection to the manufacturer and the consumer, I urge 
that this great Conference squarely face the issue; that 
they appoint all necessary committees with full authority 
to make a study of these questions, including the cost of 
production of cotton and the various questions bearing 
thereon; to make a study of the various methods used in 
the handling of cotton and not only recommend but assist 
in changing these antiquated methods so as to reduce the 
cost of production in every way possible; to remove all 
unnecessary rehandling of cotton; to arrange as far as 
possible direct dealings with the producer. I urge in the 
strongest terms that they use every means to cooperate 
with the producer. This action will be simple justice, 
not only to the producer and the manufacturer, but to the 
consumer of cotton goods. 

The greatest need of the world today is cooperation; 
that is, working together, which implies friendship, brother- 
hood, mutual confidence, joint endeavor, mutual sympathy 
and support. The old world is dying around us. Our 
Gospel should be that original one of "good-will among 
men"; of human comradeship beyond the limits of nations; 
of fellow-feeling and common service in a great human 
cause. We should hear the great creative spirit utter those 
tremendous words, "Behold I make all things new." We 
should work for a better, happier world to arise from these 
ruins among the nations of the world. If we fail ten mil- 
lion young men will have given their lives in vain. 

At the conclusion of Mr. Wannamaker's address, 
John A. Simpson, of Oklahoma, moved that it be given to 
the press as the sentiment of the growers participating in 
the Conterence. Mr. Simpson's motion was seconded, but 
after lengthy debate ruled out of order as contrary to the 
rules adopted for the government of the Conference. 

On motion duly made and seconded, the Conference 
then adjourned, to convene at eight o'clock, p.m. 



THIRD SESSION 

Monday, October 13, 1919 

8 o'clock P.M. 

The Chairman: The subject for discussion at this 
session is the growing and handling of cotton. The first 
principle in the growing of cotton is, of course, the seed. 
It is my pleasure to introduce a gentleman who is prob- 
ably the greatest authority on the culture of cotton seed 
in this country. He is Mr. E. C. Ewing, of Scott, Missis- 



122 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



sippi, who will now speak to you on the subject of "Secur- 
ing Better Cotton through Seed Selection." 

Mr. Ewing: In discussing some of the results that have 
been accomplished and some of the problems i ivolved in 
securing better cotton through seed selection, I shall deal 
only with American conditions. Problems of other coun- 
tries are, of course, different in many ways and require 
familiarity with local conditions. Their solution neces- 
sarily demands an understanding of those peculiar condi- 
tions as thoroughly as possible and then the application of 
fundamental biological principles. These principles are 
practically the same everywhere. The problems which I 
shall discuss may, therefore, be regarded as typical, in a 
sense, of what may be encountered in any cotton-growing 
country. 

Before referring to present-day problems of cotton 
improvement, it may be interesting to recall some of the 
benefits that have already been secured through seed 
selection. 

Sea Islarid Cotton. The classic example in America is 
the case of Sea Island cotton. From a tropical plant, 
bearing lint which would only be considered mediocre by 
comparison with the best modern staples, the Sea Island 
growers have developed their cotton to the present stand- 
ard of excellence. The production of the finest staple 
became specialized to the islands off" the coast of South 
Carolina and for years this cotton, ranging in length of 
staple from two to two and one-half inches, was recognized 
as the finest cotton fibre grown anywhere. The famous 
crop lots, the cream of the island product, have long come 
from plantations where seed selection aimed at the finest 
and longest staple has been practised for generations. 

The fibre has not been the only feature to which the Sea 
Island breeder has had to give his attention. To begin 
with when Sea Island cotton was first introduced to the 
United States from the West Indies, about 1786, the 
plant was perennial and quite diflferent from its present 
habit and form. By persistent selection of the earliest, 
most compact, and productive plants that appeared, the 
annual habit was established and the productiveness and 
the quality enhanced. 

Another requirement that had to be met by the Sea 
Island breeders was that of securing resistance to the 
cotton-wilt disease. The leader in the establishment of wilt- 
resistant strains was Colonel E. L. Rivers of James Island. 
He developed a splendid type that was almost immune to 
the wilt disease and which bore excellent lint. 

Egyptian Cotton in America. In the Salt River and the 
Imperial Valleys of Arizona and California we now have a 
well-established cotton-growmg industry based directly on 
the successful results of seed selection. In those regions 
there are now growing thousands of acres of Egyptian 
cotton, planted with varieties developed in America 
approximately within the last decade. 

In 1902 experiments were begun by the United States 
Department of Agriculture in the growing of Egyptian 
cotton in Arizona. The results were rather unpromising 
at first, mainly because the imported varieties of Egyp- 
tian cotton, as grown in the new region, were unsatis- 
factory. In 1908 a new type was segregated from other 
selections which has since become the basis of the Egyp- 
tian cotton industry in the Southwest. This new variety, 
named Yuma, which originated from a single plant of 
Mitafifi Egyptian, was a distinct improvement on the 
imported stock. It was earlier, more productive, and uni- 
form; the staple longer and more regular. Not until 191 2, 
when a supply of seed of this new variety sufficient to 
plant about 200 acres had been produced and its merits 



had been proved, was the commercial culture of Egyptian 
cotton recommended by the Department of Agriculture. 
Later the Pima variety was isolated by selection from the 
Yuma and is an improvement over the latter. These two 
varieties developed by Mr. Kearney and his associates of 
the Department of Agriculture constitute the entire 
American-Egyptian crop. The production amounted to 
over thirty-six thousand bales in 191 8 and the prospects 
are that the culture of this cotton will be considerably 
extended. 

In the testing of these new varieties field trials were 
supplemented by spinning tests and the superiority of the 
new sorts from both the agricultural and the manufactur- 
ing aspects was established. 

Short-staple Upland Cotton. From the agricultural 
standpoint there has been great improvement during the 
last twelve years in the character of the cotton planted 
throughout the South. This has offset to some extent the 
damage caused by the boll weevil. Formerly only a small 
portion of the cotton acreage was planted with seed of 
recognized varieties; the bulk of the crop was just cotton; 
now the reverse is true. A number of superior varieties 
have been developed and, as a part of the general improve- 
ment in farming methods, the extensive adoption of better 
varieties has occurred. 

Still, a great many of the varieties grown are inferior. 
Numerous variety tests made by the Experiment Station 
in each state through a series of years have demonstrated 
that many kinds of cotton ordinarily considered good are 
much less productive than some of the really superior 
varieties available. The loss in production from this plant- 
ing of inferior sorts of cotton is immense. Ayers of the 
Arkansas Station figures that the general planting of good 
varieties would increase the value of the cotton crop of the 
South by two hundred and thirty million dollars annually. 

Some of the best varieties have been found adapted to 
wide areas of culture. In Texas and Oklahoma the "Tri- 
umph" variety, developed by A. D. Mebane, a Texas 
farmer, has probably been the leading variety in the last 
ten years. "Lone Star," which is a more recent variety 
and of the same big-boll, storm-proof type, was originated 
by D. A. Saunders of the Department of Agriculture, and 
is also popular in the same territory. These two varieties 
are exceedingly well adapted to the western portion of the 
Cotton belt and in that territory are perhaps grown more 
generally than all other kinds of cotton combined. 

In the states east of the Mississippi River the Wanna- 
maker-Cleveland variety is now probably more exte - 
sively grown than any other one cotton. This Is a very 
productive short-staple variety which has been developed 
in the past few years by approved systematic methods of 
selection. 

Exceedingly valuable results have been achieved in 
selecting cotton resistant to the wilt disease. In certain 
sections, particularly in the sandy soils of the Southwestern 
States, this disease had become so serious that ordinary 
varieties of cotton could not profitably be grown there. 
Through selection of the most resistant plants growing in 
wilt-Infected fields, some very valuable varieties have been 
developed by agents of the Federal Department of Agri- 
culture and of the State of Georgia. In addition to being 
highly resistant to disease, some of these new varieties are 
rather early and productive. Their introduction has made 
it possible to continue cotton culture in a considerable 
area where, without wilt-resistant varieties, cotton growing 
would necessarily have been abandoned. 

Long-staple Upland Cotton. This type has received more 
attention in the matter of seed selection than short-staple. 
The pioneer in the development of superior sorts of Upland 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 123 



long-staple cotton was the late J. B. Allen, of Port Gibson, 
Mississippi, originator of the Allen long-staple variety. 
Mr. Allen started with a stock of cotton which he origi- 
nally obtained in Louisiana. The staple of this cotton was 
about one and one-tourth mches. By selection he pro- 
duced, about iSSo, the well-known Allen cotton which 
frequently pulled one and one-half inches or better. This 
variety was the foundation stock of practically all of the 
extra staple cottons grown extensively throughout the sec- 
tion bordering the Mississippi River until a few years ago, 
when a combination of boll-weevil depredation and eco- 
nomic conditions practically caused the abandonment of 
this class of cotton. 

The culture of long-staple Upland cotton in the South- 
eastern States, particularly South Carolina, is based on 
varieties developed in that territory by scientific methods 
of selection. The first of these cottons was Columbia, 
originated about 1902 by Dr. H. J. Webber, at that time 
of the Department of Agriculture. Webber cotton, which 
was derived later from the Columbia and introduced by 
D. R. Coker, was an improvement over Columbia. It 
became very popular in certain sections of the South- 
eastern States and, to a considerable extent, in the Delta 
as well. Mr. Coker and his associates, by introducing the 
Webber, Hartsville, and other long-staple cottons and by 
maintaining a gilt-edged establishment for supplying pure 
seed of their vr^rieties have rendered splendid service to 
the cotton industry. Their influence has greatly stimu- 
lated the development of the new long-staple culture in the 
Southeastern States. 

The Boll Weevil. The boll weevil has had the greatest 
influence on and has supplied the principal motive for 
cotton-breeding work in the last ten or fifteen years. This 
pest has especially emphasized the importance of earliness 
in cotton. As a rule, the number of weevils is small in 
early summer, at the beginning of the fruiting season. 
In the usual course of events, they increase in numbers 
more or less rapidly as the season advances, but with the 
rate of increase depending largely on weather conditions. 
At first the amount of infestation is not sufficiently great 
to cause serious damage. Late in summer or in early fall 
the weevils may become so thick that their depredations 
prevent any further setting of fruit on the plant. The 
result is that the weevil shortens the eflPective fruiting 
period of the cotton plant. The all-important require- 
ment then is to make the crop in as short a time as pos- 
sible, or to get as much fruit set on the plant as possible, 
early in the fruiting season, before weevils become very 
numerous. 

While there is still room for improvement of our Upland 
short-staple cotton, the requirements have been much 
more eff^ectively met in this class than in the longer-staple 
class. Although short-staple Upland cotton constitutes 
more than ninety per cent of the American crop, there is 
no great concern over the question of supplying satisfac- 
tory short-staple varieties. In fact, satisfactory short- 
staple varieties have already been in existence for some 
time and have been adopted in boll-weevil territory. The 
problem of improving the other five or ten per cent of the 
crop, which must be depended on to supply the trade with 
cotton ranging from an inch and an eighth upwards, is 
distinctly more acute. 

The older long-staple varieties, like the Allen and the 
old "Bender" cottons of about an inch and an eighth, 
were too slow in fruiting and too late in maturing for 
successful culture under boll-weevil conditions. Although 
formerly grown extensively in the Delta, or alluvial 
region along the Mississippi River, these late types have 
been practically discarded in all sections where the boll 



weevil has to be reckoned with. There is an urgent demand 
for satisfactory new varieties with at least a moderate 
length of staple to take the place of those types which have 
been discarded. 

Long-staple Cotton for Boll-weevil Conditions. The ques- 
tion of improving long-staple cotton is much more compli- 
cated than in the case of short cotton. With short staple 
the problems are principally agricultural and are concerned 
almost entirely with improving characters which promote 
productiveness. So long as the staple does not fall below a 
minimum length of about seven-eighths to one inch, the 
primary markets for Upland short staple as a rule pay no 
regard to the quality of the lint; that is, aside from the 
matter of grade. The attention of one who is trying to 
improve short-staple cottons may be centred mainly 
upon qualities which promote high yield per acre. In long- 
staple work, on the contrary, the length and character of 
the lint must be as fully taken into account as the question 
of yield. The problem is complicated to that extent, but 
is none the less interesting. 

Current Work in the Mississippi Delta. Naturally one is 
better qualified to give a familiar account of one's own 
experiments than of any other investigations. For this 
reason, perhaps, I may be pardoned for referring in some 
detail to the work which we have in progress on the estate 
of the Delta & Pine Land Company at Scott, Mississippi, 
as an illustration of some of the problems connected with 
the improvement of cotton. Our experiments in seed 
selection, as well as the eff"orts of the Mississippi Experi- 
ment Station, are being directed principally towards the 
development of more satisfactory cottons with some length 
of staple for culture under boll-weevil conditions. We are 
interested in cottons of all lengths, but the most urgent 
need in our section is for a cotton of one and one-eighth to 
one and three-sixteenths inch staple. Our principal efforts 
are being put on that class of cotton and there our most 
promising results have been secured. We are not entirely 
neglecting the extra staples or even short cotton, however. 

Foundation Stock. For the past few years the demand 
for the length of staple referred to has been fairly well 
supplied in the Delta principally by the planting of Express 
cotton. This striking new type was propagated from an 
individual plant selected in 1904 by Dr. D. N. Shoemaker 
of the Department of Agriculture. In North Texas, where 
it originated and was tested for several years, it was not at 
all liked. The variety was discarded by the Department 
of Agriculture and barely missed becoming extinct. Sus- 
pecting that this type might have considerable merit in 
the Mississippi Delta, I secured about one peck of seed of 
the discarded variety, which was planted at the Mississippi 
Delta Branch Experiment Station in 191 1. This cotton 
proved very promising at once and efforts to trace down 
more seed from several bales which had been grown in 
Texas the previous season proved futile. All of the Express 
cotton subsequently planted on hundreds of thousands of 
acres came from that one peck of seed. 

Express came nearer than any other available variety 
towards meeting the demand for a long-staple cotton 
which could be depended on to produce a fair crop under 
boll-weevil conditions. It has since become quite popular 
and within the last year or so has perhaps been grown 
more extensively than any other variety in the Delta 
region of Mississippi, if we exclude the extreme northern 
end of that territory. 

In spite of its popularity the Express variety has some 
serious defects. While the plant grows well in the Delta 
region, it is not suflficiently productive. We have been 
comparing different varieties of cotton as to yield and 
value per acre for a number of years. As a result of these 



124 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



variety tests we have found that, through a series of years, 
the best short-staple cotton has given us a larger profit per 
acre than Express or any other long-staple variety. Long- 
staple cotton, to be dependably profitable year after year, 
should be less of a specialty and more of a staple product. 
Or else the premium, over short staple prices, to be paid for 
longer cotton, must be stabilized at a higher average value, 
and the extreme annual fluctuations in the amount of the 
premiums must be avoided. The latter problem is a com- 
mercial one which has been present for a long time, but 
on which the trade has made no impression. The other 
alternative, that of making longer cotton more profitable 
than short cotton through greater productiveness, is a 
task to be undertaken through seed selection. 

In our experimental work we have attacked the problem 
in two difi^erent wa^^s. In each case the Express cotton, 
which has about the right length of staple for our needs, 
has been used as a basis for the work. 

Production of New Varieties by Hybridization. In speak- 
ing of several sorts of cotton I have already stated in each 
case that the new variety has descended from a single 
exceptional plant discovered in the field and isolated from 
the general population. That has been the mode of origin 
of practically all of the commercial varieties of cotton. 
This method has been employed with Express cotton and 
by selecting and testing numerous rather distinct types, 
several new strains of Express have been established and 
introduced. These new strains have shown improvement 
in one way or another over the original variety, but the 
advantages have not been sufficiently great and we have 
not been entirely satisfied with the results. 

Still another method of improvement was open to us. 
The application of modern principles of heredity to prac- 
tical work has helped to explain and has simplified many 
of the breeder's problems. On the basis of these principles 
we have gone at our cotton breeding problems by cross- 
ing certain varieties, each separately possessing desirable 
qualities which were lacking in the other, but which we 
wished to combine in a new type. The Express variety, 
carrying a fair staple, has been used as one parent for 
crossing with several other varieties. 

As I have already stated, the chief defect with Express 
cotton is the low yield of lint. This low yield is due prin- 
cipally to a low percentage of lint. That is, the ratio of 
lint to seed cotton is low. As compared with short staple, 
the long-staple cottons invariably give a low lint per- 
centage. And this factor principally accounts for their 
relatively small yield. 

But the Express variety possesses certain very valuable 
qualities. In addition to the length of staple, it is early, 
it fruits rapidly, producing many flowers and setting many 
bolls within a given period during the fruiting season. 

In this respect it is a good variety from the boll-weevil 
standpoint. The problem then was to produce a type with 
larger bolls and with a higher lint percentage. For the 
other parent certain short-staple varieties, having these 
qualities in a high degree as well as having other desirable 
characters, were crossed with Express. Subsequently we 
have isolated some very promising types from the mixed 
populations which resulted from the crosses. Through 
selection and testing, these hybrid strains have proved 
fixed in type and their merit, as compared with stand- 
ard varieties, has been demonstrated. It has not been 
possible, of course, to achieve the ideal result of trans- 
ferring, unaltered, the best qualities of each parent to 
the new type and of completely excluding the undesir- 
able features. For instance, it will never perhaps be pos- 
sible to develop by hybridization a type with very long 
staple and a high percentage of lint. But this correlation 



can be and in our experiments has been broken to some 
extent. 

We have produced two or three types which have 
nearly, if not quite, as long lint as the Express parent, but 
with very much higher lint percentage, though not as 
high as the short staple parent. What we have lost in 
lint percentage, as compared with the short parent, how- 
ever, has been offset by a gain in the yield of seed cotton. 
The lint yields of the new hybrid forms proved last year 
to be practically as good as the lint yield of the short- 
staple parent, and naturally worth several cents a pound 
more on account of the longer staple. 

When a certain combination of characters is desired in a 
new type the most favorable method for securing the com- 
bination is by hybridization of suitable varieties which 
possess the characters separately. The surest method is to 
figure the problem out in advance on the basis of genetic 
principles and then work to plan. If we depend entirely 
on the selection of variations which may appear in existing 
varieties, then we must depend on nature to produce the 
desired heritable variation and the selector must chance 
to discover it. The odds are rather strong against the 
success of such an undertaking where the form sought is a 
radical departure from any available type already in 
existence. It is true that most of our commercial varieties 
have originated in this way. Most of them have been 
introduced by farmers. In the list of short-staple varieties, 
however, with few exceptions, the varieties within any 
distinct group are not very different. 

The greatest progress in the improvement of cotton in 
the future should be expected to come from specialists 
working systematically at the problem in state and govern- 
ment institutions or working through private agencies with 
similar facilities. 

Qualities to be Sought and Difficulties Involved in Improve- 
ment of Cotton. The difficulties involved in the develop- 
ment of new varieties are numerous and progress is 
necessarily slow. There is so much that we would like to 
have in a variety of cotton that a great many factors must 
receive attention. For example, if we are working with 
long-staple cotton, the negative correlation between length 
of staple and percentage of lint which I have already men- 
tioned is sure to complicate matters for the breeder. No 
matter whether we are working on long or short staple 
cotton, a certain degree of resistance to plant diseases, 
particularly cotton-wilt and boll-rot diseases, must be 
maintained. Bolls must be large and relatively storm- 
proof, but easily picked. The plant must flower rapidly 
and the bolls must develop and mature in a relatively 
short period for boll-weevil conditions. 

These are some of the qualities desired by the grower. 
Since cotton is grown to be spun, we must consider also 
the qualities which interest the spinner, especially if we 
are dealing with long-staple cotton. In addition to the 
length of staple, the spinner wants his cotton to have cer- 
tain other qualities. Any cotton should be as free from 
waste as possible. The finer grades should be able to 
produce a strong yarn, whatever the lint qualities may be 
on which strength of yarn depends. Long-staple cotton 
should show fineness and silkiness, and above all — the 
spinner tells us — it must be uniform. 

Of all these qualities, length of staple and uniformity are 
the most tangible to the worker in the field and in the field 
laboratory. Uniformity of soil and purity of type — to 
which I shall refer later — -are important qualities in 
influencing the regularity of the staple. But apart from 
these factors, uniformity in the length of fibres on the seed 
can be influenced by seed selection and should always 
receive the cotton breeder's attention. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 125 



These and numerous other considerations, many of 
which are more or less antagonistic, comphcate the task 
of developing superior new varieties of cotton. Repeated 
selection and testing are necessary. Time is an important 
element. It is impossible to get all the good things into 
one package, but with care and perseverance most of them, 
in the long run, can be crowded in. 

One of our problems when we are testing new strains is 
the difficulty of obtaining a satisfactory estimate from the 
commercial pomt ot view, ot the relative value of a new 
strain. Until the new strain reaches the stage of quantity 
production and we are able to sell bale lots on the market, 
we cannot determine definitely how much better or worse 
the new tj^pe is than a standard variety with which we 
may be comparing it in the field. 

We can ascertain fairly early in the life of a new strain 
the relative yield and other qualities which determine its 
merit from the grower's point of view. On the basis of our 
field tests we may find that a certain new cotton can be 
depended on to produce, we may say, five or ten per cent 
more or less lint per acre than a standard variety. If the 
yield is five per cent less, but the staple is longer and 
more uniform than the cotton commonly grown, then 
the important question is this: Can the grower depend 
on receiving from the trade as much as five per cent or 
more in excess of the price of common cotton to pay him 
for switching to the new variety.? If not, it is certain that 
growers will not generally adopt the new variety, however 
excellent the character of the lint, because the planter can 
be depended on, naturally, to grow the kind of cotton which 
will pay him best. 

It is important, therefore, to the cotton breeder to have 
his samples carefully valued commercially, early in the 
testing of a new strain, so that he may not waste his time 
unnecessarily on unprofitable types. It is evident in this 
connection that there is a practical need of more definite 
and consistent information with reference to the spinning 
value of different sorts of cotton. Valuations given on 
samples submitted to cotton factors or brokers are not 
always satisfactory because the parties consulted may not 
have made a recent sale of the kind of cotton in question 
and may not be in a position to give the desired informa- 
tion. Furthermore the cotton classer bases his estimate of 
worth mainly on grade and staple. He does not, indeeed 
he cannot, consider to any great extent — because they 
are difficult to detect — the finer points of character which 
may affect spinning value. Expert classers vary widely in 
their individual opinions; cotton classing is anything but 
an exact science. 

Pure Seed Supplies. Finally, the question of maintaining 
a supply of pure seed of superior varieties is of utmost 
importance. It is of almost equal importance with the 
problem of developing better varieties. When a variety 
becomes widely cultivated the seed stock of the average 
grower is sure to become contaminated. This contamina- 
tion results partly from cross pollination effected by insects, 
but the principal source of trouble is the mechanical mixing 
of seed and of seed cotton at public ginneries. There is 
little hope of relief from this very frequent mixing of seed 
stocks and the most practical remedy is the frequent 
renewal of the planting seed by the grower after his cotton 
begins to deteriorate. 

There must be a source of pure seed to which the grower 
may turn when in need of a new supply. Seed selection is 
useful in maintaining the purity of planting seed stocks. 
Either the deteriorated stock must be replaced by a new, 
improved strain, if one superior to the variety in use has 
been developed, or else a purer stock of the old variety 
must be obtained. 



In this connection, well organized and well managed 
seed farms can perform and to some extent are performing 
a very valuable service. It is up to the seed farms to make 
available adequate supplies of pure seed which will be 
needed by farmers from time to time. These seeds must 
either be of new improved varieties which have been 
developed recently or, in the absence of such new produc- 
tions, there must be pure uniform stocks of satisfactory 
older varieties. This purity can be maintained by seed 
selection and isolation from other cottons, together with 
scrupulous care in ginning. Properly equipped seed farms 
with trained and experienced specialists and with ade- 
quate facilities are the correct agencies to render this 
service. The experiment stations are doing useful work in 
research and in developing new varieties, but they cannot 
be expected to supply more than a very limited amount of 
seed. The average farmer is not equipped by training nor 
with facilities for constantly producing an abundant supply 
of dependable seed; hence the need of other sources of 
supply. 

I have endeavored to acquaint you w'ith some of the 
benefits to the cotton industry which have resulted from 
seed selection. In conclusion I believe I can safely pre- 
dict that still more substantial service in the promotion of 
efficient cotton culture may be expected to come in the 
future from this class of work. 

The Chairman: We come now to the question of 
cotton growing. No man is better equipped to discuss 
this subject than the gentleman whose name is on the 
program. He is a cotton planter, a cotton merchant, and a 
distinguished citizen of the South, Mr. John M. Parker. 
(Applause.) 

Mr. Parker: Mr. Chairman, Ladies and Gentlemen. 
I am going to ask the distinguished privilege of making a 
talk from the heart as to what I think we are here to 
listen to. (Applause.) I am not even going to refer to that 
distinguished statement of Henry Grady, which I think is 
one of the most beautiful in the English language with 
reference to cotton, but I am going to go to the meat in 
the cocoanut; that is what you are interested in. Today, 
in all the world there is no article in which the people of 
the entire civilized world are more deeply interested, out- 
side of wheat and breadstuffs, than cotton. Cotton is one 
article that is used the world over as clothing, and a 
great many do not realize that it is also one of the staple 
articles of food; for we do not know how much olive oil 
we consume that is cotton seed oil, and we do not realize 
the vital importance of cotton and cotton products as 
demonstrated during the war. The cotton seed oil, hulls, 
meal and linters were furnished to our splendid allies on 
the other side who helped us to win the war in a hurry. 
(Applause.) The idea tonight is to deal systematically 
with the growing cotton — handle it from the starting of 
the seed to the preparation of the seed and the cultivation 
of it. 

Personally, I do not know any more hazardous business 
or industry in which a man can engage under existing 
conditions than cotton planting. Not only is he worried 
at all times, but he is subject to vicissitudes of the weather, 
and his cotton is subject possibly to a greater extent than 
any plant we have to insect pests — ■ the cotton worm, 
which we have learned how to combat, the boll worm, 
which does immense damage in the fall, and then the boll 
weevil, which has materially reduced the cotton crop of 
the United States, and is gradually carrying its lines right 
through to the Atlantic. Within the last forty years, we 
have increased the production of cotton more than three 



126 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



hundred per cent, but still we are not beginning to pro- 
duce enough to fill the needs of the world. We do not 
realize that with the march of civilization and the improve- 
ments all over the world that put us in direct touch within 
a few days with nearly every part of the globe, and the 
records of lite insurance, that people are living very much 
longer, and it does not strike a great many people that we 
are not only having a great many more people in the 
world all the time, but a vastly increased number all the 
time wearing clothes. I remember years ago, when cotton 
was very low, a personal friend made the statement that 
if we could put a shirt, or undershirt, on every one of the 
four hundred million people of China, cotton would be 
worth about forty-five cents. At that time it was selling 
at six cents. I do not know any class of industry or class 
of people who have realized less from their labor and their 
effort and their toil than have the producers of cotton. 
I want to endorse the statement made today by Dwight 
Heard that in spite of the enormous amount of production 
and the high prices, they are unable to realize any sub- 
stantial profits. They are taking advantage, however, of 
the knowledge they have gained m this country, that 
what they want to be is real farmers, farmers who produce 
what they need, and what is necessary for those who are 
engaged in the culture of cotton. There are a great many 
reasons for that which I do not think have borne them- 
selves to the minds of many of our cotton farmers. I have 
known places that for twenty-five or thirty years have been 
in cotton, and cotton only. The soil was practically void 
of the mineral and vegetable qualities necessary to bring 
substantial paying crops. It is only within the last few 
years that we have not only begun to look around and 
diversify, but to select choice seed, and good seed, and the 
seed which is favorable, so that we may know reasonably 
well in advance what kind of cotton and what class of 
cotton we may expect to produce — whether short-staple 
or long-staple, seven-eighths inch, one inch, one and one- 
sixteenth inch or one and one-eighth inch. The production 
of those depends largely on local conditions, and of the 
longer staple on a very long period of development. Your 
cotton farmer, today, instead of doing as the old farmer 
did, not only selects his own seed from the best he can 
get, but he is reasonably assured that it will produce 
exactly what he wants, in order to enable him to be cer- 
tain his time and labor in planting, cultivation and prepara- 
tion of his cotton crop are not thrown away, and that he is 
reasonably certain to receive a return for his efforts and 
his labor. The real work in the handling of your cotton 
crop must begin early, in the thorough preparation of the 
soil, because a hard-baked seed-bed means that the young 
tender roots do not have the opportunity to go way down 
in the soil, from which they pump up that moisture which 
is necessary for the production of good healthy plants; 
the purpose being not only to produce healthy plants, but 
to get sound bolls that later in the fall will develop into 
the cotton which is necessary for commerce. Your aver- 
age planting starts in the latter part of February and 
extends to the first of May, depending on the local differ- 
ences. All planters plant three or four times more seed 
than is necessary, in order to assure a perfectly good stand. 
The cotton is off-barred, chopped out, ploughed and culti- 
vated, and the good farmer keeps his field absolutely 
free from weeds and grass of any kind. He also keeps it 
constantly cultivated to so mulch the soil that the benefit 
of sun and rains will go direct to the roots of the plant to 
furnish that tap root without which no crop worth raising 
would grow. Now take the roots which are all surface 
roots. You see the constant report, "terrific shedding of 
cotton." That takes place because the tender roots on 



top dry up, and are unable to furnish moisture for the 
nourishment of the plant, and the real food that is neces- 
sary to make the plant produce what the farmer wants is 
lacking. Most of the gentlemen on the other side and 
those that are interested in the manufacture of cotton have 
paid little heed to the wants of the real producer. They 
don't know the difficulties under which the farmer works 
from the time he plants his seed until his cotton is deliv- 
ered to the transportation company to be sent to the 
markets of the world. Few realize the existing conditions 
in regard to labor. No one has a more risky business than 
the man who is a large planter and who has to start fur- 
nishing his people in January; because that is one of the 
troubles which confront him. They have spent their 
money; they have nothing; they come to work on shares 
or rent the land. If there is a profit, it is theirs, and if there 
is a loss, it is the planter's. Time after time, within the last 
twenty years, during which time I have been a large 
planter, have I had tenants come to me and say, "I am 
not gomg to make any money, boss; I am gomg to quit." 
Last year Uncle Sam took from the farms every capable 
laborer and put him in an ammunition plant or on the 
railroad or in a saw mill, so that the farms were depleted 
to such an extent that we were almost dependent on the 
old, the crippled and the children. To add to the farmer's 
troubles, the "flu" came along and practically made it 
impossible to prevent that enormous waste of cotton, not 
only in the fields and seed-house, but on the railroad plat- 
form where, due to delays, with rain after rain on it, it 
suffered the same fate. The farmer faces and has faced 
conditions which, even with the present high prices of 
cotton, make the result to him this year extremely doubt- 
ful. Most people would think that the farmer, under the 
present price, would be a bloated bond-holder. This 
year, with a rainy season for eight months, the people will 
have to start buying corn and oats in November, to take 
care of the needs of the necessary live stock on the farm; 
and I want to tell you, after travelling over a number of 
states, and a good many sections where cotton is raised, I 
don't know of any year when I have seen the probable 
results so doubtful to the real agriculturist, results which 
mean it will be extremely doubtful if any of them get back 
the money they will have put into this crop. Generally 
they face an absolutely enormous loss. After you have 
planted, cultivated and taken care of your cotton, you 
can figure from the time of the bloom to the opening of the 
boll as about six weeks, longer in the early summer months, 
and rarely ever shorter in the late fall months; figure that 
no machine has even been invented that will pick cotton 
successfully — I haven't been able to find one and I have 
seen every one of the machines put on the market — figure 
that the picking today of cotton costs more in wages 
than the total values of cotton ten years ago — just the cost 
of picking outside of the cost of handling and marketing — - 
then realize that these young men who have come back 
from the army and the navy in but very few instances are 
returning to the farm. 

They are seeking the cities; they are seeking the white 
lights; they are seeking the saw mills, the factories, the 
machine shops; they are seeking where they can earn 
more as day laborers than they can possibly earn by occu- 
pying great big positions in the country, because today 
your day laborer earns much more than your teachers 
and very much more than many professional men and 
many ministers do throughout the State of Louisiana, and 
these men, seeing how much they can earn, are flocking not 
only to cities here, but to cities all over the country, so 
don't let us deceive ourselves with the idea that there is 
going to be another enormous influx of labor to raise a 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 127 



larger cotton crop than people are able to handle. I do 
not believe it is possible or practicable under existing 
conditions. 

Heretofore there has been a feeling of intense antagonism 
on the part ot the spinner toward the farmer, and a feeling 
on the part of the farmer of great bitterness against the 
spinner, who, he felt, rolled in wealth all the way through. 
The spinners are going to tell their stories to the farmers 
and I hope we will have these benches here filled with 
farmers to listen to them, because the spinners have their 
troubles as well, and to my mind the great guiding spirit 
of this meeting and of this gathering is to be that we can 
frankly discuss the difficulties which confront us and let 
each division of the great cotton industry know and appre- 
ciate, not only the problems, but the serious difficulties of 
every kind which confront them, from the planting to the 
mill. 

Instead of approaching any of these problems with the 
slightest feeling of bitterness of any kind or character, let 
us approach them in the true American spirit with our 
allies who are here for that purpose. (Applause.) 

Let us approach these problems with the determination 
of intelligently solving them. Let us impress upon the 
mill men that we are glad to see them thrive and prosper, 
and then have them in turn to say it is a source of real 
pleasure to them to see our farmers prosper. There is 
not a man that is not infinitely better off" by having 
steady, profitable business, and by having steady, profit- 
able work, than by having these violent fluctuations of 
extremes one way or the other that upset business and 
upset trade and upset traffic. 

Let us realize that this great cotton industry is one of the 
great industries of the world, giving employment in our 
Southland here to hundreds of thousands of people and 
millions of dollars of capital, and then all the way through 
to our sister states of Massachusetts and Connecticut to 
millions of dollars of capital and thousands upon thousands 
of thoroughly happy and contented workmen, giving 
steady and satisfactory employment to capital, handsome 
revenues to transportation lines and insurance lines, afford- 
ing part of the great volume of traffic from our port here 
and from Mobile and from Galveston, Charleston and 
Savannah and other Atlantic ports, all over the world. 
And let us try to see if we cannot have a thorough, frank 
discussion of all these great difficulties which confront us, 
and by a true spirit of fraternalism bring about a condition 
which will mean only universal prosperity to all, favorit- 
ism to none, but a determination that, if the planter gets 
into trouble, the first men to come to help him out will be 
the mill men and the spinners, who will say: "We will 
take care of your product," instead of letting it go down 
out of sight. "We will help you by making our purchases 
now." And then the mill men will tell the planter: "We 
will need next year so many million bales of cotton; 
help us and try to raise it." And if you raise more than 
you are able to handle, your banking friends will step in, 
because I heard bankers today from the extreme North say 
there is no finer security on the face of the earth than 
cotton, absolutely uninjured and unhurt by being carried 
for years. I have sold cotton that was carried from 1867, 
and it was just as good the day we sold it as it was at the 
time it was put into service. (Applause.) The man knows 
that he has something that is imperishable if he simply 
takes care of it. Our spinner friends know they can carry 
their cotton for years with no injury of any kind or 
character. 

And let us, on every side, approach these great big sub- 
jects we are struggling with here tonight on a great big, 
broad American basis, approach them on the basis that we 



all want to do everything we can to help the other fellow 
and not to kick him and damn him. (Applause.) 

We want to go about it in a way to put the great cotton 
industry, not only of the South, but the cotton industry 
of the world, on a pinnacle where it has never stood before, 
which will mean prosperity, happiness and contentment 
to the producer of cotton, to the manufacturer of cotton, 
to the handler of cotton, and then to the millions employed 
in it, in every line of the industry. 

My friends, the opportunity is great. Let us take 
advantage of it. (Prolonged applause.) 

The Chairman: It is hardly necessary for me to 
introduce the next speaker. Anybody who has today 
any thought of the problem of "Producing Better Cotton 
by Better Farming" already knows Dr. Bradford Knapp. 
(Applause.) 

Dr. Knapp: In presenting the subject assigned to me 
I am confronted with a most serious difficulty. The 
improving of the cotton crop by cultural methods, good 
farm practices and the selection of better varieties is a 
scientific problem as simple as adding two and two 
together. After long years of study and effort in this 
direction I came to the conclusion, some years ago, that 
the problem of improving the cotton crop was so inter- 
woven with the whole system of farming in the Southern 
States and with the economic conditions surrounding the 
cotton farmer, that no adequate presentation of the sub- 
ject could or should ever be made without recognizing all 
of the surrounding conditions. Improvement by better 
farming ought to mean a better income for the farmer. 
When more and better cotton simply reduces the price, 
the farmer fails to see the improvement. The importance 
of this occasion demands that I beg your indulgence to 
present briefly the whole financial and economic situation 
which must needs be changed before we can hope for ulti- 
mate success in the improvement of the cotton crop 
through better farm practices. 

The Declaration of Independence sets forth the three 
fundamental desires of the human heart, which are: "life, 
liberty and the pursuit of happiness." These are the 
desires of those who produce the cotton of the United 
States, a fair rival of corn and wheat in importance in the 
crop production of the United States. The cotton system 
in the South was the outgrowth of the years following the 
War between the States, when the South was poor and 
without credit while the world wanted cotton. In the 
years that followed a large proportion of the entire crop 
was grown on a credit basis depending upon the acreage 
in cotton. Farmers bought their food, a great deal of the 
feed for their live stock, their fertilizers, and practically all 
of their other supplies through the store. Necessarily the 
credit prices were high as they were forced to pay what it 
cost the Northern farmers to grow their food and feed, 
the transportation charges, and cost of distribution to 
them. This was no light burden. The interest rate on 
money in the cotton territory has always been higher 
than in most other sections of the United States, and the 
retail prices of meat, flour and other necessities of life 
have generally ruled higher than up North. In many sec- 
tions of the cotton territory 80 per cent of all cultivated 
land was planted to cotton. When the cotton crop failed 
the people were in poverty and distress; when the cotton 
crop was bountiful and the market failed, they were like- 
wise in poverty and distress. The only way in the world 
you can improve a one-crop system is to produce more of 
that one crop. When you do that the markets of the world 



128 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



are glutted, the price drops and your effort to improve 
brings its own disaster. On the other hand, as your 
fertihty decreases or unfavorable weather conditions or 
crop pests cut off the production of the crop, the price 
rises, yet you find that you have little and again you are 
in distress. Facing either way you please, you are in a 
dilemma if your agriculture is founded upon the shifting 
sands of a one-crop system and not upon the rock founda- 
tion of a self-supporting agriculture. 

When I speak of a one-crop system of agriculture, 
please do not misunderstand me. I know full well that 
the South has always produced a certain amount of corn 
and other products, but, in general, it has had only one crop 
out of which the farmer obtained a cash income, only one 
product from the farm for sale in the markets of the world. 

It is the height of wisdom for the consumers, the mer- 
chants, the manufacturers of cotton and all those who 
deal with it from the time it leaves the hands of the 
farmer, to understand why a system founded upon an 
income from cotton alone must be a failure. These 
reasons are: 

1. It is unsafe economically because it depends upon 
crop conditions and market conditions. War, weather 
conditions, insect pests, overproduction, seasonal condi- 
tions, etc., make the income highly speculative and 
uncertain. 

2. No one-crop system of agriculture ever maintained 
soil fertility. Humus, nitrogen and other elements of the 
soil necessary to plant growth are taken out of it by con- 
tinuous cropping of one crop. Any system of agriculture 
which permanently reduces the productive power of the 
soil is a serious economic mistake. If there were no other 
reason under the sun for reconstructing the agriculture 
of the South upon a broader basis, this reason alone would 
be ample. 

3. An all-cotton system of agriculture fails to take live 
stock into account. Meat and especially milk are neces- 
sary for the sustaining of the life and the health of the 
people. Live stock utilizes the waste products of the farm 
and returns a profit from lands otherwise unproductive. 
By the feeding of live stock a large proportion of the ele- 
ments of plant food may be retained upon the land. No 
crop responds better to the use of manure than does the 
cotton crop. 

4. An all-cotton system is uneconomic, because under 
It no plan of farm management can be devised which will 
give a maximum yearly use of tools, machinery, equip- 
ment and labor. Farming is the intelligent application of 
capital, labor, tools and equipment to the annual business 
of the farm. The one-crop system compels the farmer to 
have long periods of idleness for both machinery and 
labor, while a more highly diversified agriculture not only 
enables him to build up soil fertility, but increases the 
annual production per man and the income of the family 
at home. Thrift and industry, these two things which 
make agriculture the most wonderful industry in the 
world, are found to a greater degree in those sections which 
have the most highly diversified agriculture. 

5. Under an all-cotton system of agriculture the return 
from the labor comes but once a year, whereas under a 
more highly diversified system the returns come in a num- 
ber of times during the year. An income from eggs, 
butter, cheese, poultry, the orchard, the garden, live stock 
and grain, as well as cotton gives many opportunities for 
converting labor and the fertility of the soil into cash. 
With nothing to sell but cotton we turn our capital over 
but once in a year. 

6. And lastly, and most important of all, an all-cotton 
system limits knowledge, narrows opportunity, fosters 



commercialized farming and fails to produce a real rural 
life. 

The fundamental principles laid down here constitute 
the history of other sections as well as of the South. 
There is no opportunity to escape from these conclusions. 

Market Conditions. — But there is another thing 
which you men, who are at the other end of this thing 
from the producer, must face and face squarely, and that 
is the marketing. The general marketing system has 
improved considerably in some places in the last few years 
but there is still room for great improvement. Not many 
years ago farmers, as a rule, knew nothing about the grade 
and staple of their cotton. A large majority of them are 
still in the same condition. Unfortunately the trade, 
buyers, etc., have opposed the idea of teaching farmers 
these things. I suppose there will be men in this Con- 
ference who will deny that, but every man of broad experi- 
ence and observation knows that it is true, as a rule. 
When a Government grader from the Bureau of Markets, 
in putting on a demonstration, tells the farmer what is 
the grade of his cotton and the length of the staple, not 
once, but hundreds of times, the local buyer has sneered 
at it and refused to make any offer, saying that he was 
buying cotton "hog around," and that if this man wanted 
any more for his superior cotton he had better go ask the 
Government to give it to him. It is just as well to under- 
stand that the day when the buyer can fatten out of the 
ignorance of the farmer regarding grade, length of staple, 
as well as other marketing conditions affecting the price, 
is pretty nearly past, because farmers are not going to 
stand for it very much longer. 

The time must come when producer and buyer may deal 
with a fair degree of common and equal knowledge of 
grade, quality and market price; the cards of both parties 
must be face up on the table. Concealment, sharp prac- 
tice and fraud must be eliminated. 

What steps can be taken to improve the quality and 
yield of cotton when the market conditions fail to hold 
out any inducement to the farmer? Except in certain 
sections where the production of improved varieties and 
better staple has become somewhat systematized, the 
farmer who grows the better cotton has been forced to sell 
it for the same price as the poorer varieties raised near by. 
Inferior varieties of short staple have in some sections 
almost driven out improved varieties for the simple rea- 
son that the agricultural forces received no assistance from 
the trade, the buying and marketing end of the game, in 
producing better varieties for the market. 

I hesitate to say it, but I think it ought to be said here 
that the buyers and the cotton trade in general have not 
only frowned upon farmers' cooperative organizations for 
the production and marketing of cotton but have even 
sneered at them. The State Agricultural Colleges, in 
cooperation with the Department of Agriculture, have had 
to put on educational campaigns to help organize farmers 
into growing and marketing associations in many sections 
before we could take any steps worth while in improving 
the production of cotton by better farm methods. All of 
this kind of work has been an uphill job. You will pardon 
my saying that it has been an uphill job mainly because it 
prevented the trade from playing upon the ignorance of 
the farmer to its profit. Instead of opposing, the industry 
ought to go on record at this time as favoring the organi- 
zation of local groups of farmers for the production of 
good cotton under good methods, and ought to be anxious 
to see that groups of farmers receive some consideration at 
the hands of the trade for their intelligent effort. 

Financial Arrangements for the Raising of Cot- 
ton. — As I have pointed out, the diflficulty of the present 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 129 



situation is that cotton is too much of a credit crop. If a 
majority of the bankers and credit merchants of the 
South, backed by the cotton industry itself, continue to 
loan on cotton acreage alone and refuse to lend their con- 
structive aid to the establishment of a better type of 
farming in the South, then there is no hope for the break- 
ing of the present system short of a refusal on the part of 
the farmers to be financed on such a basis. Supplying 
farmers to raise cotton is an immense business in the 
South, often made so because of the very unsafely of the 
whole system. The supply business must give way to 
the intelligent financing ot progressive agriculture before 
cotton can be improved by better farm practices. 

If the financial interests, especially the credit merchants, 
will change the basis of credit from acreage in the cotton 
crop over to the responsibility of the man and into the 
encouragement of a safer and better rounded system of 
agriculture, the problem of improving cotton by better 
farming will be solved. 

The Labor of Women and Children. — Another 
thing which ought to be known is the great use of the 
labor of women and children in the production of the 
cotton crop. By the last census 84.94 per cent of all 
women engaged in agriculture were located in the eleven 
cotton states. By that census, a woman was scheduled 
as engaged in agriculture who habitually toiled at outdoor 
work on the farm. The total number of women engaged 
in agriculture in the United States in 1910 was 1,807,472 
and of these i, 1^3 5, 3 29 were in the eleven cotton states. 
Where Iowa only had a little over 9,000 women scheduled 
as engaged in agriculture by the last census, Texas had 
184,000, and Mississippi, Albama and Georgia more than 
200,000 each. The tenant's wife and the negro tenant's 
wife and daughter work in the field, doing the hoeing, 
the chopping and the picking. I know that the world 
wants cheap cotton to clothe its nakedness, but may God 
forgive the man who wants it at the price of the labor of 
women and children in the cotton fields. Those of us who 
have loved the South because of its possibilities, who have 
realized the wrongs of its past history, and who have 
devoted long days, months and years of hard work to help 
solve its difficult and intricate problems in order that it 
might be a stronger, safer and better agricultural part of 
this great Nation, have dreamed of a change of economic 
conditions which would put the Southern farm woman on a 
better basis in her relations to production and the farm 
home. Poultry and the garden, the canning and the 
preserving, and the home making which she is now so 
rapidly gathering to herself in the cotton States, through 
the home demonstration work of the State Agricultural 
Colleges and the United States Department of Agricul- 
ture, are working a revolution. But that end cannot be 
achieved by simply asking for a maintenance of the cotton 
acreage. Cotton enough to supply the world can be pro- 
duced without so much women's labor. To compete with 
the world in cotton production requires brains, a well- 
balanced system of farming which produces the family 
living, and a stop to the exploitation of labor. If the farm 
women of the South can be released from arduous work 
in the field and can produce the poultry and eggs, the 
garden, the vegetables and fruits, attend to the canning 
and preserving, the care of the milk and the making of the 
butter and the cheese, and leave to the husband the man- 
agement of the cotton crop and the corn and the forage 
crops, the cattle and the hogs, the labor of the farm can 
be spread more evenly over the entire year and the income 
of the family very greatly augmented. 

A Few Facts Regarding Cotton and Wealth. — I 
find in non-cotton-producing sections an unfortunate and 



very much warped idea regarding the present price of 
cotton and the cost of production and the eflFect upon the 
wealth of the South. I want to present a few facts which 
bear upon the entire problem. I undertake to say that the 
statistics will show, by the last census and statistics pre- 
pared since then, that the value of crop production per 
improved acre in the Southern states, as a rule, will exceed 
in value the per acre production of crops in the rich states 
of the Northwest, and yet the South is not rich as com- 
pared with that territory. If automobiles are any indica- 
tion of wealth and prosperity in an agricultural region, 
it is only necessary to say that statistics show that 
Nebraska and Iowa stand at the top in the number of 
automobiles in proportion to population, having one for 
every 7.6 and 7.8, respectively, of the population of these 
two states, whereas states hke Arkansas and Alabama 
have one for every 49I and one for every 63 of their popu- 
lation. 

Bank deposits might be considered as another index of 
wealth and prosperity. By examination of the report of the 
Comptroller of the Treasury for June, 1918, from all state 
and National Banks, we find that the individual deposits 
in the banks of the eleven cotton states amounted to 
^2,211,403,000. If the individual deposits in the banks in 
the States of Minnesota, Iowa, South Dakota, Nebraska 
and Kansas are taken, we find they amount to 
$2,246,896,000; in other words, the bank deposits of five 
states in the Northern wheat, corn and pork producing 
section equal the entire bank deposits in the eleven cotton 
states. In no case did the bank deposits of any cotton 
state, except Texas alone, equal the bank deposits of 
Kansas, Nebraska, Iowa, Minnesota, Wisconsin, Michigan, 
Illinois, Indiana, or Ohio in June, 1918. The bank deposits 
of Ohio and Illinois on that date were more than the bank 
deposits of the eleven cotton states. It probably is not 
fair to take the bank deposits in National banks alone, 
but we have later figures for these showing that on 
March 4, 1919, after the cotton crop of the last year was 
marketed and sold to a considerable degree, the National 
bank deposits of the eleven cotton states did not equal the 
National bank deposits of six Northern states, including 
Michigan, Wisconsin, Minnesota, Iowa, Nebraska and 
Kansas, and here again in no case do the National bank 
deposits of March 4, 1919, of any cotton state, except 
Texas and Oklahoma, equal the bank deposits of Ohio, 
Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, 
Nebraska or Kansas. The June, 1919, report regarding 
the deposits in National banks will authorize the same 
statement I have made regarding the March 4 report. 

The Bureau of Crop Estimates of the United States 
Department of Agriculture in its December, 1918, report 
estimates the average value per acre of cotton and other 
crops in the country on a basis of December i prices, thus: 
The average value of corn $32.82, of wheat $31.70, of hay 
$27.20, while the average value of an acre of cotton in the 
United States was $45.03. When one considers the hand 
labor necessary in producing a crop of cotton, and the 
horse power and machinery so generally used in the pro- 
duction of wheat, corn and hay, the slight advantage in 
favor of the cotton crop entirely disappears. An acre of 
corn in Iowa, for example, was worth $43.92; in Wisconsin 
$52.65; in Maine $75.15; in Pennsylvania $62.00. The 
cotton crop, with its great labor expenditure and its many 
difficult and uneconomic methods of production, gave a 
return of $43.09 per acre in Arkansas; $44.28 in Louisi- 
ana; $69.96 in North Carolina; $51.70 in Georgia; $31.02 
in Texas, and $21.68 in Oklahoma. Why, even the wheat 
crop returned, with its minimum of labor, with no cultiva- 
tion, and with its wonderful opportunity for the use of the 



130 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



most modern machinery, a crop value of ^45.25 in Illi- 
nois; $43.68 in Indiana; $37.40 in Iowa; $49.61 in Wis- 
consin, and $28.06 in Kansas. 

But there is another difference which must not be for- 
gotten, and that is the average production and its money 
equivalent per farm. The farmer in South Carolina or 
Georgia cultivates less than one-half as many acres in 
cotton per farm as the Kansas farmer does wheat, or the 
Iowa and Nebraska farmer corn. If we take the values of 
production per acre and multiply them by the average 
number of acres of the crop per farm, we find that again 
the apparent advantage in favor of the cotton farmer 
entirely disappears; first, because of the high cost of pro- 
duction due to fertilizer, hand labor and high-priced sup- 
plies; and, second, the relatively smaller acreage per farm. 
Let us make a selected list of states producing cotton, 
wheat and corn, and find out the average production per 
farm in terms of money. In reading this tabulation please 
remember that the cost of production is not subtracted. 
Out of the items contained in the last column must come 
the farmer's cost of production. This is simply the gross 
value in terms of market prices: 



Average Value of Production per Farm 

Value 



State 



t Average 
* Yield per acres 
Crop acre, 1918 per 
farm 



South Carolina Cotton 235 lbs. lint 17 

Georg-ia Cotton 188 " " 18 

Arkansas Cotton 155 " " 13 

Texas Cotton no " " 26 

Kansas Wheat 14,1 bu. 40 

Minnesota Wheat 24.3 " 24 

North Dakota Wheat 13 " 104 

Iowa Corn 36 " 48 

Indiana Corn 33 " 23 

Nebraska Corn 17.7 " 53 



per 

acre 

1918 
$64.86 $1 
51.70 
43.09 
31 .02 
28.06 
42 . 84 
26.39 
43-92 
39 27 
22.66 



Value 

per 

farm 

,114.60 
946 . 1 1 

C76.40 
831-34 
,142-04 
,041 .01 
,744 -S6 
,111.13 
932.70 
,2i4-S7 



* Crop Reporter fur December, 1918. 

t Found by dividing total acres in 1918 by number of farms in State 
as shown by last Census. 

X Found by multiplying average acres per farm by value per acre. 

In Part 9, Section i, of the Atlas of American Agricul- 
ture, issued by the Department of Agriculture in 1919, 
Page 3, is found a table which shows, from the census 
figures of 1910, the value of farm products for that year 
per capita of country population. Let me choose a few of 
the highly diversified States and compare them with some 
of the cotton states: Illinois $208; Wisconsin $141; 
Minnesota $190; Iowa $242; Missouri $132; Nebraska 
$252; Kansas $215; while North Carolina runs $78; 
South Carolina $106; Georgia $113; Alabama $80; 
Mississippi $94; Arkansas $89; Louisiana $62; Oklahoma 
$112; Texas $113. 

The acres of improved land in farms per capita of country 
population in the cotton states average less than half the 
number of acres of improved land in the Central Northern 
States which I have named, when measured by per capita 
of country population. 

A Few Things to Remember on the Cost of Produc- 
tion. — Of all the general farm crops, with the possible 
exception of tobacco, cotton requires the greatest amount 
of hand labor. Until machinery is perfected for chopping 
cotton and for picking cotton, there is a heavy cost in the 
hand labor which must be reflected in the price. The heavy 
items are cost of fertilizer, hoeing, chopping and picking. 

Many persons have attempted to estimate the cost of 
cotton production. There are reasons why these costs are 
difficult to tabulate. It is not the purpose here to attempt 
to say how much it costs to produce an acre of cotton. 
It is easy to make calculations which are mere estimates. 



In a large number of cases where the production is low, it 
always costs more to produce the cotton than the farmer 
receives for it, if any reasonable value is put on the labor 
of himself and of his family. The year 1918 was no excep- 
tion to this general rule. Let us mention the items which 
enter into the cost — they are rent, cost of ploughing, seed, 
planting, fertilizer, chopping and hoeing, picking, delivery 
to gin, ginning and pressing costs, bagging and ties, market- 
ing, repairing implements, and incidental expenses. Efforts 
are being made now to compile the figures to show the 
cost. Just as in the case of wheat, a large proportion of the 
farmers in the South who make low yields can show that 
it is a pretty close proposition to make both ends meet at 
the end of the year. Without question many cotton 
farmers made money in 1917 and 191 8, especially where 
high soil and good weather brought large acre yields. The 
man with only an average yield or below the average yield 
made little if anything, especially where he had to buy 
food, fertilizer and other supplies. 

Figures published before the war are almost valueless 
because of the changed conditions and increased cost of 
fertilizer, labor, food, feed, supplies, seed and equipment. 
Even pre-war published statements showed the margin 
to be narrow and that low yields (below 190 pounds of 
lint) brought meager returns, netting the owner almost 
nothing for his labor beyond existence. The relative posi- 
tion of cotton prices as compared with other prices leads 
to the conviction that war did not change this situation. 

Improvement in the Last Few Years. — ■ Now, the 
South has made great strides in the past ten years because 
she has seen a great light. The acreage and production of 
corn, oats, wheat, peanuts, velvet beans, hay, sweet pota- 
toes and Irish potatoes, and the production of home 
gardens, have all increased very wonderfully in the past 
decade. The number of hogs in Florida has increased 
86 per cent since igio, in Mississippi 76 per cent, in Ala- 
bama 75 per cent, and in Georgia 70 per cent. The number 
of beef cattle in Alabama has increased 50 per cent. The 
increase in dairy cows in Mississippi the last year is 41,000, 
Louisiana 33,000. These few figures are given as slight 
examples of the progress made toward a safer and better 
balanced agriculture. The boll weevil which threatened 
to devastate the cotton fields of the South has proven 
almost a blessing in disguise, and hence she is fast building 
the fortifications to defend against the boll weevil, the 
pink boll worm, the leaf worm, the root knot and the wilt, 
and the war and the shortage of labor and all these other 
things by producing corn and hogs, poultry and eggs, 
gardens, small grain and cattle, milk and many other 
things. 

There is another phase of the cotton situation which I 
must bring to your attention and that is the shortage of 
labor. When a Northern man cries out for more acreage 
in cotton, he forgets that more acres of cotton stood in the 
field unpicked in 191 8 than ever before in two or three 
decades of the history of the South. Cotton valued at 25 
cents a pound stood in the field in the winter and much 
of it was still to be picked in March. If there was so 
much profit in it surely this would not have occurred; 
also what folly to plant more acres than there are hands to 
pick. 

You go to the store to buy calico, gingham, cotton sheet- 
ing, dress goods, voiles, and georgette crepes, and you 
wonder why they are so high. The farmer knows about 
this also. He knows that he used to be able to buy calico 
in 1914 at an average of 6.3 cents per yard. Suppose it 
required as much as a quarter of a pound of cotton to 
make a yard of calico. A quarter of a pound of cotton, 
which represents the farmer's part, was worth about three 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 131 

cents at that time. The average price farmers have paid First, Produces the food of the people, as nearly as 

for cotton in 191 S has been 22^ cents per yard. The price possible, upon the land. 

is fairly representative. If his part in the calico is still Second, Maintains and improves the fertility of the soil 

one-fourth of a pound it is now a little over six cents. as the years go by. 

I am not complaining; I am just stating facts. There is a Third, Produces for sale in the markets of the world not 

garment worn by farmers called a jumper, which is made only one but a number of well-selected farm crops as the 

of cotton. The average price of it in 1914 was 83 cents; basis of a dependable and profitable agriculture, 
the average price in 1918 was ^2.38. I do not know what It is high time that all those interested in the cotton 

fraction of a pound of cotton there is in a yard of muslin, crop should understand that the farmer is entitled to the 

but I have general statistics which show the price in 1914 cost of production plus a reasonable profit just as much as 

359.3 cents per vard and in 1918, 28.8 cents. When cotton any other business man in the world. The only perma- 

was twelve cents a pound vou could buy a yard of sheeting nently successful agriculture is an agriculture which is safe, 

at 18 cents. When the farmer's price'of cotton was 24.5 dependable and profitable. The agriculture of the strictly 

cents the sheeting retailed at 50 cents a yard. When you cotton areas of the South has not been safe, has not been 

pay 60 to 90 cents a yard for the cotton goods which you permanent and has not been profitable. In the main, a 

used to buy from 15 to 25 cents, just remember that when safe system of agriculture consists in the production of the 

that article sold at the smaller price, the farmer's price of home supplies such as a garden, corn, small grain, forage, 

cotton was from 10 to 12 cents, and at the higher price it meat, milk, eggs and butter. This, with the marketing of 

averaged from 24 to 27 cents. Bv consulting the statistics the cotton, some live stock and live stock products, and 

of the Department of Labor, collected by the Bureau of possibly some grains and other crops, will go far towards 

Labor Statistics, we learn that the price of calico per yard stabilizing the agriculture of the cotton area. The South 

in Chicago on May 15, 191 5, was six to seven cents; wants to produce cotton but its farmers want to produce 

May 15, 1918, it was 18.3 cents, and on October 15 of the that cotton on a safe and dependable basis. That safe 

same year it was 24.6 cents. Bleached sheeting at the and dependable basis means getting its people out of 

same time and place in 1915 seems to have been from 35 to debt, getting them into cash farming instead of credit 

40 cents a yard; in 1918 it was 82 cents a yard. farming, producing the food for its people and the feed 

Relative Value of Southern Crops. — That the for its live stock, and the cash sale from the farms of the 

value of farm products in the eleven cotton states has South of more than cotton alone. 

undergone a distinct change in the past few years is shown Such prosperity as the South is enjoying today it 

by the following table: enjoys more from the fact that its farmers as a rule have 

had to spend less for food because they have grown more 

Estimated Value of Crops in Eleven Cotton-producing States, of it themselves than from the fancied high price of 

Alabama, Arkansas, Florida, Georgia Louisiana, Mis- cotton. Even at the present price of cotton and cotton 
sissippi, North Carolina, Oklahoma, South Carolina, , • 1 • 1 • 1 1 1 r 

Tennessee, Texas, 1910 to 1918. seed, considering the present yields per acre, the farmer 

r^ r- T r\ n i" the South caunot buy any more with the product of 

Cotton Compared with Iwelve Other Crops. , ri -ii ij 

the average acre 01 cotton at these prices than he could 

Value of 13 Value of cotton Value of 12 when cotton was worth but ten cents per pound, speaking 

Year crops, cotton crop, lint only crops, cotton • r 1 r , 1 r 1 • • 

included (US) ' excluded '" terms, not ot money, but 01 the value 01 the necessities 

1910 $1,444,302,000 $820,407,000 $623,895,000 01 lire. ^ -KT 

1911 1,338,496,000 687,888,000 650,608,000 Improving the Production of Cotton. — Now, as to 

1912 i,483.704'Ooo 817,055,000 666,649,000 the improvement of cotton production by better farm 

1913 1,615,996,000 862,708,000 753,288,000 methods, the altogether desirable things in cotton produc- 

1914 1,284,600,000 549,036,000 735,564,000 ■ .^u • <- J ^- r ^u u ^ • ^- f ^^ 

1915 1,458,221,000 631,460,000 826,76i;ooo tion are the introduction of the best varieties of cotton, 

1916 2,153,406,000 1,122,295,000 1,031,111,000 community system of seed control and breeding work 

1917 * 3,iSS>69i,ooo 1,566,198,000 1,589,493,000 which will keep these varieties up to standard, rotation of 

^918 t 3,262,617,000 1,616,207,000 1,646,410,000 crops and the use of manure to increase production per 

Cotton Compared with All Crops ^^re, resulting in a longer, stronger and better staple of 

,, , r ,, ,, , ^ ,, , ^ ,, cotton, with greater production per acre. Thousands of 

Value ot all Value ot cotton Value of all 1 ^ ■ ^ ^ ^ i^ ^u ^ ^ • ^u 

Year crops, cotton crop, lint and crops, cotton demonstrations conducted by the county agents in the 

included seed (U. S.) excluded South in the last ten years will fully satisfy any reasonable 

1914 $1,698,583,000 $677,986,000 $1,020,597,000 man that it is possible to produce from three-fourths to a 

1915 1,922,889,000 799,360,000 1,123,529,000 full bale of cotton per acre, on the average, by the use of 

^916. 2,835,713,000 1,381,365,000 1,454,348,000 better farm practices and better varieties. Ifyougiveusa 

1917 4,182,612,000 1,894,876,000 2,287,736,000 rr • ^ ^■ • r • i i JJ ^ 

1918 t 4,346,181,000 1,956,207,000 2;389;974,ooo sufficient diversity of agriculture so that wemay add to 

* ^ , . , , , , n , • soil fertility by the use of manure and rotation or crops; 

L-orn, \yheat, oats, barlev, rve, buckwheat, flaxseed, nee, potatoes -r -ii i ^u £ ■ \ .. ^- *„ r„i;„,,^ 

sweet potatoes, tame hav, tobacco, and lint cotton. ' YO" Will change the financial situation so as to relieve 

t December, 1918, Bureau of Crop Estimates. All figures from Crop the farmer of the requirement that he put about 60 to 80 

Report and U. S. Census. per cent of his land in cotton, and if you will reform the 

trade so that the cards may lay right side up on the table 

A Safe System of Farming. — The only answer which and the farmer who produces good cotton, of greater value 

will bring to the Southern farmer that degree of prosperity to you than inferior short-staple varieties, receives due 

which is his right, to the cotton industry some degree of recognition, then we can easily take up and work out the 

certainty of production, which will eliminate the faults in problem of introducing and producing not only the better 

our present system, restore confidence, cut out specula- varieties of cotton, but a larger return per acre on less 

tion, ehminate the get-rich-quick idea, and make a good acreage. That is the ideal we are after. No agricultural 

living for those who perform real services in the cotton worker but who delights in these better varieties and 

industry, is for every one to encourage the Southern better practices. All of that is relatively easy of accom- 

farmer to adopt a safe system of agriculture. A safe plishment if these other things can only be put straight, 

system of farming is one which — It lies perfectly within the range of possibility to change 



132 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



cotton production along these lines, but it can be done 
only in case the intelligence and industry of the farmer 
who produces the better cotton receive their fair reward 
in the cotton market. 

Of course this whole program involves an immense 
amount of constructive work; just such work as we have 
had to undertake in putting the live-stock industry on its 
feet, the work of teaching the farmer how to produce live 
stock, how to feed it, how to care for it, and then the 
tremendous task of teaching him how to market and of 
protecting him from those whose motives are purely selfish. 
New channels of trade must needs be created, new indus- 
tries must spring up, new methods of financing must be 
found and applied. It is an educational movement of 
tremendous extent out of which all of us who are devoting 
effort to this line of work hope to see a kind of rural life 
which will be satisfying to our people and productive of 
that Life, Liberty and the Pursuit of Happiness which have 
been the ideals of our people from the beginning. This 
can mean nothing more than a happy home for every 
farmer, a well-built house surrounded by its vines and its 
fruit trees, its barns and its silos, its sheds and its equip- 
ment, with thrift and frugality upon the outside and 
peace and contentment upon the inside. 

The lives of her people, their social, economic and moral 
welfare, their high regard for the type of government for 
which this country stands, their allegiance to the ancient 
landmarks of the country itself, demand sympathetic 
interest on the part of the people of the United States in 
their struggle for economic independence and such pros- 
perity as will make them a regular asset to this Nation. 

There are a lot of problems to be solved in this country 
problems of production, problems of conservation, and, 
most important of all, problems of marketing and distri- 
bution. None of these problems are to be solved by mis- 
understanding either the social, pohtical, or economic 
problems of different sections of the United States. The 
strength of this Nation depends upon the growth, the edu- 
cation, the economic freedom and prosperity of each 
section. The welfare of its most distant sections is inti- 
mately associated with the welfare of the people of every 
state; its strength in time of war is measured by that of 
its weakest economic unit or section. 

The President: "The need for Uniformity in Baling" 
is the next subject, and the next speaker is Mr. Jesse 
Thorp, a spinner of Manchester, England, and a practical 
man. I introduce Mr. Thorp. 

Mr. Thorp: I would like to say that I am connected 
with mills using approximately looo bales of American 
cotton per week, and this paper is presented largely by 
reason of the difficulty that we have been having with 
the high density bales that we have been receiving during 
the last two years, due to a shortage of ships owing to 
the war. 

The need for the production of a uniform or standard 
bale has been increasingly felt by spinners for a long period. 
Many ginneries and compressors still turn out bales with- 
out any apparent regard to the needs and requirements 
of users. Others are proceeding on lines of reform which 
accord only with individual or sectional views. The result 
is that there is increasing variety and irregularity in the 
bales of cotton exported from the United States. There 
are round bales and rectangular bales. The rectangular 
ones are of an infinite variety of dimensions. Some bales 
are well packed and covered with comparatively light 
open tares. Others are indifferently covered, exposing the 
cotton to damage and loss in transit. Many bales arrive 
patched with heavy tare and bags to cover the openings 



made for classification purposes, etc. Some bales are hard 
pressed and some are soft pressed. Their weight may vary 
anywhere between 300 and 800 pounds. 

America holds such a commanding lead in the vastness 
of its cotton-growing industry over all other cotton-grow- 
ing countries that it is somewhat of an anomaly to find 
what an inferior position it holds in regard to the way its 
product is placed on the market. 

The reformation of the American system of bahng is a 
subject eminently fitted for such a body as the World 
Cotton Conference to take in hand. Here are assembled 
the delegated representatives of all the interests affected. 
This is a unique occasion when growers, ginners, com- 
pressors, transporters, merchants, bankers and spinners 
can place before each other their respective difficulties 
and requirements and discuss them face to face. If our 
deliberations result in setting in motion practical steps for 
standardizing the American bale, a work of inestimable 
value to the world's cotton industry will have been 
accomplished. 

As a delegate of the English Federation of Master 
Cotton Spinners Associations, I have been requested to 
place before this Conference the views of English cotton 
spinners. Cotton from both Egypt and India is placed on 
the English market in a far more satisfactory manner 
than that from America. 

The Egyptian bale is about 720 pounds in weight, com- 
pressed to density of 36 to 38 per cubic foot, covered by a 
closely woven Hessian cloth which together with the bands 
weighs about 22 pounds per bale. An ordinary American 
bale of about 500 pounds, if compressed to the same den- 
sity and covered with similar material, would carry with 
it tares and bands weighing about 16 pounds, whereas 
it is a common thing to receive bales weighing 30 pounds 
of tare and bands. This saving of 14 pounds per bale 
would mean, on a 12,000,000-bale American crop, 75,000 
tons less of material used and 75,000 tons less freightage 
per annum. 

Indian cotton is now generally machine ginned in the 
interior and is packed and compressed there bound with 
the usual light iron bands ready for export. Bales of 400 
pounds each are compressed to a density of 40 to 42 pounds 
per cubic foot. They are covered with a closely woven 
tare which with the bands included only weighs 10 pounds. 
The cotton separates easily in small cakes when the bale 
is opened at the mill. Generally speaking it may be said 
that the baling of both Egyptian and Indian cotton results 
in a satisfactory package being received by spinners in 
which the cotton fibre is not injured by the compression, 
the covering protects the contents against damage, the 
weight of tare is not excessive, there is approximate regu- 
larity of shape and weight and when the package is opened 
at the mills the cotton can be dealt with in the opening 
machines without special precaution being necessary. 

These ideals have been preached and dilated upon at 
many international congresses of cotton spinners held in 
Europe, and at the Atlanta Conference of 1906 in the 
United States, but there is no nearer approach to uni- 
formity. Rather is confusion becoming worse confounded. 

The intention of this paper is to place before the World 
Cotton Conference some of the evils experienced by the 
European spinners who use American cotton, which result 
from want of uniformity. Uniformity of shape is desirable, 
on account of transportation, and for this reason the 
rectangular bale is to be preferred to the round bale. 
There is less waste of space and it is more easily handled 
than the round bale. Round bales have had a consider- 
able trial at the hands of spinners, and in my experience 
no English spinner will accept round bales if rectangular 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 133 



bales of similar cotton are available, except at some con- 
cession in the price. There is a difficulty in dealing with 
round and rectangular bales at the same time in the cotton 
mixing room. In order to produce a yarn of any required 
type bales must be blended according to their character- 
istics ot color, strength, and staple. There is not a suffi- 
cient supply ot round bales to enable a spmner to make 
his mixings entirely of round bales. If he could do so one 
difficulty would be removed. 

Ihe Hrst objection that a spinner raises is that the 
round bale cannot be sampled properly before purchase. 
Only the outer layer can be touched and it has very often 
been found that the interior layers are inferior to the 
outer layers. 

The round bale will unroll for about two-thirds of its 
contents and then the pressure on the interior layers has 
been such that a hard core has been formed, which cannot 
be loosened without very great damage to the fibre. It is 
so hard in many cases that it is unusable. 

The string and paper forming the centre are additional 
objectionable features. The string gets into the spiked 
rollers of the opening machines and causes fires by fric- 
tional sparks travelling to the mixing of loose cotton, and, 
if any broken string passes through it, damages the draw- 
ing roll in the spinning processes and breaks the yarn 
threads. 

One important virtue the round bale possessed is that 
it was protected against damage in transit by a satisfactory 
wrapper. 

One reform of the rectangular bale would be accom- 
plished if the present covering of openly woven soft 
twisted tare now used were abolished. When the cotton 
adhering to the tare is picked from it, an enormous num- 
ber of hemp fibres come off with it. These depreciate the 
quality of the yarn and cause trouble in the spinning 
rooms by bringing down the threads on the spindle points. 
This evil is immensely increased when open soft twisted 
bagging is used with bales compressed to a high density. 
In such cases it is essential that a light closely woven 
Hessian cloth, to which the cotton will not adhere so 
tenaciously, should be used. 

It would almost appear superfluous to insist that uni- 
formity of color, length of staple and character of cotton 
in each bale is an essential consideration to the spinner, 
were it not for the fact that spinners continue to receive 
bales in which cotton of widely different staples and 
characteristics is packed. If such bales get into the 
mixing before being discovered, they may cause very 
serious damage to the whole of the spinning in the mill, 
discontent among the operatives, and financial loss to the 
firm. If these defects are discovered by the spinner on 
sampling before purchasing, such cotton is immediately 
rejected. If it is discovered only after the bales are 
opened, it naturally leads to claims for allowance or 
replacement, which irritate and cause financial loss to all 
parties. 

The importance of greater care being taken by planters 
during the picking season and by ginners when the cotton 
is being ginned in seeing that staple color and other 
characteristics, such as harshness or softness, are regular 
and even cannot be over emphasized. 

Uniformity of weight of bales is desirable for spinners, 
because it is a common practice to cover or hedge sales of 
yarn by purchases of cotton in units of lOO bales. To the 
extent of the variation of the weight of lOO bales when 
actually received from the total weight of cotton the 
spinner has calculated upon his position is uncertain. 

The banker would feel greater confidence in financing 
cotton if he could be assured by an agreed uniform weight 



per bale that from any given number of bales he could 
rely on a certain weight of cotton. 

If uniformity has appeared essential and desirable in the 
past, the appearance in the last two or three years of bales 
pressed to a high density has rendered the question one of 
absolutely vital importance. The International Federation 
of Master Cotton Spinners and Manufacturers Associa- 
tions have pressed since 1907 for reform in the baling of 
American cotton which included an increase in the density 
of the bale. Little progress was made until the World 
War created a shortage of ships. Then it was realized we 
could increase the carrying capacity of our steamers and 
railway wagons about 25 per cent by compressing cotton 
to a greater density and adopting a regular size of bale. 
As a consequence, a large number of bales of rectangular 
shape compressed to a high density have been received in 
England. The economy in transport space has been fully 
demonstrated. Bales of this type have reductions of 
freight rates on some railways and preferential treatment 
in the allocation of shipping freight. It would seem that a 
considerable step forward had been accomplished toward 
the reforms we have long advocated. But I wish to draw 
the attention of the World Conference to the fact that such 
serious defects have been experienced from the manner of 
compression employed to secure this high density that if 
they are not remedied the spinning mills of Europe using 
American cotton will be so disorganized and handicapped 
by their use that they will be absolutely opposed to any 
kind of high density bale. All the saving in freights, 
lessened weights of tares, increased facilities for handling, 
warehousing, etc., which will follow from the adoption of 
the standard form of bale, depend on the first essential 
factor, that the cotton when received by the user must not 
be damaged in the packing, and must be in a suitable 
condition for immediate manufacture. It is, therefore, 
very unfortunate that our first experience of high-density 
rectangular bales should be unsatisfactory. 

The general practice of spinners of American cotton is 
to use machines known as hopper bale breakers for open- 
ing and loosening the cotton fed by hand direct from the 
bale, delivering it on a travelling lattice in a soft fleecy 
mass of regular even thickness, for the further processes 
of manufacture, conveniently around the hopper. The bales 
are laid on the floor lengthwise on their broad side after the 
iron bands are cut. The number of bales placed around 
the hopper may vary from eight to twenty according to cir- 
cumstances and according to different "marks" of cotton 
which it is desired to blend together. The tare is removed 
from the uppermost side and from the ends. The cotton 
having been released from the tension of the hands has 
expanded while the tare is being removed, and the bale 
has increased possibly to double its thickness when held 
by the bands; at least it should so expand. The cotton is 
then ready to be fed in the hopper. This is done by taking 
hold of a convenient thickness of cotton at the end of the 
bale with the fingers of both hands, rolling it up to the other 
end of the bale like a blanket and throwing this thickness 
into the hopper. A sheet of cotton of approximately 
similar thickness is removed in turn from each of the bales 
ranged round the hopper and thrown into it. Thus the 
bales forming a mixing set are gradually fed evenly into 
the hopper and a thorough blend is assured. 

I should like it to be noted that it is characteristic of 
American cotton that whether a thickness of one inch or 
six inches is seized at the end of a bale, it will roll up 
evenly to the other end of the bale, and that it is necessary 
in any proposed standard bale that this characteristic 
should be retained. The cotton in the hopper impinges 
on a spiked upward travelling lattice and as much cotton 



134 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



as is loosened and is clinging to the spike is carried for- 
ward, any excessive quantity which may adhere being 
knocked or brushed into the hopper by an "evener" roller. 
It will be readily understood that when a mixing set 
around a hopper includes both ordinary pressed and hard 
pressed bales, the cotton passes unevenly through the 
machine, and the hard pressed cotton goes past the 
"evener" rollers and lattices only partially pulled. This 
difficulty will arise, however satisfactory in all respects a 
hard pressed bale may be, so long as bales of widely 
varying density are mixed together. 

But the high-density bales which have been received 
during the last two years have been compressed in such a 
way that the cotton will not come off an opened bale in 
sheets or layers. By some sort of pressure along the sides 
the layers of cotton have been crinkled up into ridges, and 
when pressure has been applied upwards or downwards, it 
has locked the cotton together. Where the layers of 
cotton have crinkled in i-idges there is formed a mass as 
hard as stone. Along the sides of the bale where this 
high pressure has been applied the cotton is like a stone 
slab for a distance extending from six to nine inches into 
the bale. 

The result is that when lumps of this hard caked cotton 
go forward past the evener lattices, they either stop the 
rollers from turning, break the gearing or are delivered in 
solid pieces into the fleecy sheet on the delivery lattices 
which cannot be regulated by any compensating appa- 
ratus. Breakdowns and stoppages of the plant in subse- 
quent processes are frequent and there has been a great 
increase in fires attributable to this cause. Some bales 
received show evidences of having had pressure applied 
to the side of the bales, as well as the ends, which still 
further increases the trouble. 

A large quantity of what should be good cotton has to 
be returned because it has been condensed to such a solid 
state that it is unusable for cotton spinning. Extra labor 
to the extent of at least 50 per cent has had to be employed 
in separating and feeding it. 

From spinners whom we have addressed by circular 
letters, asking for their opinion on high-density bales, the 
replies received entirely confirm my experience as here set 
forth. Many of them contend in addition that cotton from 
high-density bales does not produce the same quality of 
yarn as that from ordinary density bales, on account of the 
more severe treatment the fibres have to undergo to get 
them into the fleecy condition necessary for spinning. 
When it is considered that all this damage and loss is 
the result of cotton compressed into solid slabs or lumps 
when the cotton is in a perfectly dry state, it shows how 
necessary it is to guard against external moisture being 
present in the cotton, such as rain or steam, at the time of 
compression. It appears to me that if there were any 
neglect in this matter the resulting bale would be as much 
use to a cotton spinner as a mass of concrete. Some imme- 
diate inquiry is necessary into the methods in operation 
for producing high density which result in patches of 
solidly caked cotton. I believe they are capable of being 
removed, but prompt action is required. 

Cotton spinners generally see the necessity for a bale of 
higher density than the ordinary pressed American bale 
and many are preparing to install new machinery or 
modifying their existing plants to deal with harder pressed 
cotton. But the harder pressed bale they are expecting to 
deal with must not have the damning effect of the high- 
density bales we have recently been receiving. Uniformity 
of density is therefore an essential factor to be decided 
upon by this Conference. 

The commissioner of the International Federation of 



Master Cotton Spinners and Manufacturers which met in 
Paris on the third and fourth of September last, resolved to 
recommend a density of 32 pounds per cubic foot and 
a measurement of 54 inches long and 27 inches wide and 
uniform weight of 500 pounds. Nothing was said about 
the thickness, but this density and weight would give a 
thickness of about 18 inches. 

The Oldham Master Cotton Spinners Association has 
since igio consistently advocated on several occasions to 
interested parties and authorities in the United States 
a density not exceeding 30 pounds per cubic foot. This 
would give a bale of 50 inches long, 27 inches wide and 
20 inches thick for 500 pounds weight. I would personally 
prefer the density of 30 pounds per cubic foot, which lessens 
the risk of lumps or patches of caked cotton being formed. 
Some attention should also be given to the form of 
buckle used for securing the steel bands. The studs used 
in Egyptian bales are much more satisfactory. The dis- 
advantage of the buckle is that it requires a long piece of 
band for turning over, which is wasteful and the bands are 
very liable to slip, causing very irregular shaped bales. 

Another feature which ought to be adopted is that 
some permanent identification plate should be securely 
attached to each bale, which would show the place of 
origin and by which every firm which has handled it could 
be traced. 

It has been suggested that spinners should pay some- 
thing extra for all these advantages. No such encourage- 
ment is needed. If any planter or ginner places on the 
market such a bale as is desired by spinners, which is 
marked in such a manner that the spinner can trace it, 
the spinner will seek that same mark again and will pay 
an increased price, according to the advantages he actually 
experiences over other bales. 

To sum up, the standard bale should be: 
Weight, 500 pounds. 
Density, 30 inches per cubic foot. 
Dimensions, 54 inches x 27 inches x 20 inches. 
Covered with a light closely woven Hessian cloth, 
secured by narrow light steel bands which are prevented 
from slipping by studs or other suitable means. 
Bands and tare not to exceed 20 pounds. 
The cotton to be pressed so that it can be taken off in 
layers which will unroll from end to end. 
To be uniform in staple, color and quality. 
Identification securely attached, giving place of origin. 
In conclusion, I am satisfied that this World Cotton 
Conference can agree that American cotton should be 
transported in a package covered with tare as light and as 
satisfactory as the Egyptian or Indian bale and secured 
by bands of steel not more than f of an inch wide and 
a buckle permanently secured after compression, sealing 
and establishing the value of the contents. 

It appears to me if we are to reconstruct on proper lines, 
that is, economically, double processes should be elimi- 
nated and the bales should be compressed at all ginneries 
ready for export. The saving would be immense. Finally, 
I strongly urge that cotton compressed to the new density 
be in such condition that when it arrives at the mill the 
contents of bales give no more trouble than the softer 
compressed bales. Only by these means wall gin or other 
compress owners free themselves, merchants, bankers and 
users from immense troubles and serious financial loss. 

The Chairman: It is fitting that Mr. Thorp's valuable 
suggestions as to the need of uniform baling should be 
followed by the subject of compression, and that Mr. W. D. 
Nesbitt, of Birmingham, Alabama, an expert in cotton 
compression, should address you. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE L35 



Mr. Nesbitt: I come to the study of this question of 
compression and haling from the other end of the industry 
than does our friend from Enghand, who has just addressed 
you. He has been, as he has said, for many years in that 
end of the mdustry that uses the cotton that is produced. 
I was born and raised on a cotton farm, came up through 
the cotton industry, and now look at the compression and 
the handling of cotton from the viewpoint of the producer 
and the handler in this country. The suggestions in my 
paper are not made with the idea that they will at all 
settle this important question of compression, but rather 
that they will give a basis for the study ot this Conference. 
In order that I may not take up any more time than 
necessary, I shall confine myself to the notes which I have 
made. 

The primary, and, largely, the only, object of cotton 
compression is to conserve shipping space and reduce 
transportation costs. Incidentally, it conserves storage 
space, and when properly and scientifically done, it 
improves the appearance of the packages, reduces fire and 
weather hazards, and prevents much waste of package 
contents. 

The trade can best and most quickly bring about maxi- 
mum efficiencies in baling, compressing and marketing by 
three changes: 

1. Buy net lint instead of gross weight of bales. 
Different processes will be encouraged to standardize on 
the best and least weighty covering. 

2. Recognize in transportation rates the saving to 
carriers in handling uniform, dense and well-covered bales. 
Freight rates based on the deadly average cost make effi- 
ciency lend its ability to carry carelessness and indifference. 

3. Recognize in insurance rates the savings to insur- 
ance companies from fire and weather damage consequent 
upon handling compact bales with thoroughly covered or 
calendered surfaces. This saving is enormous as compared 
W'ith their past losses when handling loose and exposed lint 
that searches for and combines with dirt and water and 
at every stopping place beckons to fire to join it in savage 
conflagration. 

What is true of the cotton bale largely applies to pack- 
ages of various other bulky commodities, such as cotton 
hull fibre, wool, hay, rags, w^aste paper, leather and tin 
scraps, etc. 

The World War of 1914-18 has taught us the use of 
many substances and products previously considered value- 
less, and necessity has compelled us to exercise ingenuity 
in the more efficient use of facilities and the value of 
applying new methods to old problems. 

Our governments quickly learned that the voids in 
cartons packed with empty utensils could be made to 
carry to the user of the utensils needed breakfast foods, 
which food otherwise would have to travel separately in 
shipping space needed for clothing and ammunition. 

To us, in the great cotton producing belt, it compelled a 
diversification of products and finally taught the value of 
concerted saving of waste materials, energies and oppor- 
tunities. 

Under compulsion and for our government, we learned 
and profitably acted. 

Are we now, carelessly and lazily to slip back into 
wasteful ways, or are we not rather to apply these lessons 
and methods to the profitable upbuilding oi our individual 
undertakings and for the increase and benefit of our 
national and international commerce.'' 

For years the slogan in America was "ten cent cotton" 
and "dollar wheat." One best clothed, the other best fed 
the world. May we reasonably, within our business life- 
time, expect again to see those prices considered maximum, 



or will we not certainly see the world continue to pay 
more than twice these previous costs for its food and 
clothing? 

Is it not inevitable that Father World, to provide food 
and clothing tor Mother and the children, will in the 
struggle tor the payment of these increased bills use all his 
energy and ingenuity in reducing the amount bought, and 
of finding and using less costly substitutes? And, does it 
not follow that we producers, manufacturers and dis- 
tributors of cotton, in order to protect the permanency 
and increase the volume of our business, should use every 
means and apply every method that tends to reduce the 
final cost of cotton cloth? 

After the field cost ol producing cotton, the cost of 
baling, transporting and marketing is the least understood 
and poorest organized of any department of the great 
cloth industry, and offers the greatest financial return for 
systematic and intelligent standardization. Here, by the 
more efficient use of facilities and elimination of waste, is 
the great opportunity to reduce the cotton clothing bill of 
Father World, and fundamental in it is the careful and 
thoughtful preparation of the twenty million packages 
which have to travel, with many transfers by one carrier 
to another, across continents and seas, from cotton field to 
fibre factory. 

It takes but a moment to say it, but how long stretch 
the years through which Father World has struggled up- 
ward in his education and wants from that day when, with 
club, stone or spear, he killed the lower animal, stripped it 
of its pelt and warmed himself and bedecked his women in 
the sun-dried skin! 

Progressing from that time, with Father's help. Mother 
World learned, through spinning and weaving the hair and 
wool of the animal, to leave it the hide to produce succes- 
sive cuttings, and Father found it easier to tend domesti- 
cated flocks than to chase wild goats, and, incidentally, in 
far-inland Persia, he discovered growing on trees, "tree 
wool" that spun and wove like animal hair. 

As the domesticated animals furnished more sure and 
better hair, so the cultivated plant produced more certain 
and satisfactory cotton, and, to-day, from his flocks and 
cotton fields Father World warms his sons and bedecks his 
daughters in cloths varying in weight and texture from 
the khakis of the battlefront to the gossamers of the 
Court. 

Within the last two centuries Watt's development of the 
steam engine multiplied by millions the power of man's 
working hand, and made possible the carriage of lint cotton 
from distant fields where Whitney's gin, in vast volume, 
stripped it from its seed. 

For centuries, and to within one hundred years, adven- 
turous seafaring men built, owned and sailed their ships. 
Driven hither and yon by wind and tide, in ballast or with 
empty holds, they scanned the shores in search of trade, 
cargo and adventure. Time was no object, and labor of 
small moment. To-day the interlaced world transporta- 
tion system is a vast workshop where space must be 
conserved and where tonnage must be systematically 
transferred from one department to another, and where 
lack of efficiency in one place adds cost to the whole. 

The loafing, half loaded or idle freight cars, as the light- 
loaded or ship in ballast, adds its burden to the world's 
total transportation cost, and to the extent that all cars 
and all ships move promptly with full loads is the trans- 
portation cost bill of the world reduced. 

No longer do ships and cars look for cargo, but the 
products of millions of farms and factories search for satis- 
factory and economic transportation. 

Cotton as it comes unbaled from the gin is in the form 



136 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



most suitable for the spindle, but in order to economically 
reach the distant factory it must reduce its volume to the 
smallest compass not injurious to the staple, even though 
the factory has later to reverse the process, and with 
openers again expand its bulk before delivery to the 
spindles. 

When Eli Whitney, having come from New York to 
Savannah, coastwise in 1792, perfected on Mulberry Plan- 
tation in 1793 his cotton gin, he saw hand separated lint 
cotton shipped in bags and loose bales down the Savannah 
River, and from Savannah coastwise or across seas to the 
factories. During the next 50 years his mvention so stimu- 
lated cotton production that vessels leaving Southern ports 
found their cargo space inadequate to care for the volume 
of this valuable but bulky tonnage, and began to cast 
around for means for decreasing the bulk of the packages 
and increasing their carrying capacities. 

Invention answered demand, and at the ports steam 
compressors began to appear. These machines reduced 
the bulk and enabled the ships to double their loads. The 
process increased the density of the bales from 10 pounds 
per cubic foot to an average of about 20 pounds per cubic 
foot. The vessels paid to the compressors a fee per bale 
for this reduction. The cotton factories objected strenu- 
ously to these high densities of 20 pounds per cubic foot 
and claimed that it made preparation for the spindle more 
difficult and in addition, injured the staple. The claim 
as to damage proved unfounded, and the trouble in spin- 
ning preparation was more than offset by the saving in 
transportation and the ability to secure supplies more 
certainly, and so the custom of compression at the ports 
became practically universal. 

The railroads then recognizing the advantage to them 
of having the reduction of bulk made inland before their 
haul, rather than at the ports, encouraged the building of 
compressors, and, in some instances, themselves built 
them at large interior shipping points. The ships still paid 
for the compression but the railroads shared the benefit by 
loading in their cars 40 to 50 bales instead of 20 to 25, as 
was the load when forwarded uncompressed. 

Gradually interior compression extended and became 
general, the steamships requiring cotton for shipment to 
be compressed to an average density of 22^ pounds per 
cubic foot. Then for shipments to American mills at dis- 
tances exceeding approximately 200 miles, as well as to 
ports, the custom was established of compressing at interior 
points, the railroads making a difference in the freight 
rate between compressed and uncompressed cotton suffi- 
cient to pay the cost of compression. This has resulted in 
compression at the ports of only that cotton which origi- 
nates in nearby territory and such development of interior 
compression and concentrating points throughout the 
cotton territory that the number has finally reached a 
total of some three hundred. 

The exposure to weather and rough handling of the bales 
on the plantations, river banks, railroad platforms and 
terminals early made it necessary to use a very strong, 
heavy and ventilated covering, and jute bagging came to 
he almost universally adopted. The tearing of the cover- 
ing through handling, and its frequent cutting for samples 
made it necessary at compresses and terminals to mend 
and patch the covers. 

Including the iron bands, jute covering and patches, the 
total weight of covering was about 30 pounds per bale of 
500 pounds gross, and the Liverpool custom was estab- 
lished of deducting six per cent for tare. This fixed rule of 
the trade has done more to prevent improvement in baling 
and compressing than any other one thing. 

With the exception of the round bale undertakings 



between 1890 and 1900 and some high density experiments 
about 1907, no real improvements in baling were accom- 
plished until the necessities of war made closer packing of 
bales imperative, and then the spinning of American cotton 
packed to 32 to 36 pounds density disproved to spinners 
their idea that such densities, when properly accomplished, 
were injurious to the fibre. The step from 10 to 22 pounds 
density was accompanied by the same fears and objections 
in 1860-80 as have followed the step from 22 to 32 pounds 
in 1918. 

The values and economies of the bales of 32 pounds 
minimum density have been established and are accepted, 
and such packing, when bales are intended for long ship- 
ment or long storage, will soon be universally required. 

What is essential now is that while making this density 
improvement we must get away from the slip-shod methods 
of covering and handling and save the dropping waste from 
packages, that has, for years, daily cried out to a drowsy 
financial and trade conscience. 

The factory cannot spin the bale covering, and the cotton 
producer does not have it and must buy it. The producer 
has lint cotton to sell and that is what the spinner wants to 
buy and is willing to pay for. All costs of purchasing, 
applying and transporting covering is an expense, borne by 
the producer and consumer, and to the extent that it is 
unnecessary is a waste that decreases the net price to the 
producer and increases the cost to the ultimate consumer. 

The character and amount of covering required to pro- 
tect bales under the old conditions of handling, storing 
and transporting are not now always necessary for proper 
protection, but are required only on account of the six 
per cent rule of the trade. 

The jute bagging now covering bales is stripped at the 
mills and is shipped back, even from across seas, to be 
patched and re-used on succeeding cotton crops until it 
finally wears itself out in travel and eats up its value in 
freight tolls. 

It is entirely possible, with an agreement between seller 
and buyer to deduct actual tare instead of six per cent, to 
forward the bales from many compression and concentra- 
tion points completely and satisfactorily covered with a 
total tare, including bands, of 13 pounds instead of 30 
pounds per bale. This is accomplished at a cost of from 
3c to 4c per bale by removing the jute bagging at the time 
of compression, substituting clean, uncut, light covering, 
and immediately redelivering to the cotton producer the 
jute sides for covering his following bales. This saves on 
each bale the freight on 17 pounds of unnecessary covering. 

With the use of the new hydro-electric compressors 
where only 450 total tons pressure is applied, instead of 
2000 to 2500 tons used in all the old processes, the lighter 
covering is substituted without danger of tearing the cloth 
or of cutting the staple, as sometimes occurs with green or 
damp fibre when subjected to the old tremendous pressures 
where densities exceeding 60 pounds per cubic foot in the 
jaws of the press during the reduction process are necessary 
in order to secure and finally retain the shipping density 
of 22 to 32 pounds. 

With American exports of 8,000,000 bales and a freight 
rate of $2 per cwt., from point of origin on this side to 
destination on the other, the saving in freight on 17 pounds 
of unnecessary covering is 34 cents per bale, or a total of 
$2,270,000 per annum. 

The fact that these bales are neat and compact removes 
the criticism long justly directed at the appearance of the 
American bale. The fact that on all surfaces they are 
compact or are completely covered absolutely eliminates 
the past fearful waste from pulling or dropping of a fibre 
and reduces to a minimum the fire hazard. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 137 



These economies were in mind twenty years ago when the 
American Round Lap and the Lowry Round Bales made 
their advent, had their day and went their way. They 
passed, not hecause they did not have merit, hut because 
they huled to give proper weight to three other controlhng 
economic and commercial conditions: 
^ I. They reduced the weight of the package from an 
average of 500 pounds to an average of 2c;o pounds. This 
doubled the number of packages of American cotton and 
made it necessary, at largely increased cost, to weigh, 
sample, inspect and handle 26 million bales of 250 pounds 
each, instead of 13 million c;oo pounds bales. This was 
fundamentally unsound, and tended to overbalance poten- 
tial savings in tare, freight and waste. 

2. The round bale packages, really being cylinders, 
secured less economies in storage and transportation space 
than rectangular packages of equal content densities. 

3. Twenty-six thousand cotton gins scattered through- 
out the cotton belt over an area of some 1,500,000 square 
miles, engaged in separating the seed and lint of a 
13,000,000 bale cotton crop, had an average of 500 bales 
each per season, and an average annual income, from tolls 
at $z per bale, of $1000. The great majority could not 
then and cannot now afford to supply any but the simplest 
machinery and cheapest labor, and, therefore, it was, 
and is, practically impossible, except perhaps by slow 
stages of evolution and elimination, from the many small 
to the fewer, but larger plants, to introduce profitably 
at the gin plants proper, complete and efficient baling 
machinery. 

In America, unlike the system in Egypt and China, we 
gin largely at the cotton field and assemble at rehandling, 
sorting and reduction plants the lint cotton and cotton 
seed separately. Whether better or worse than the Eastern 
method of assembling the seed cotton in large quantities 
at ginning centers, it is here the long established method, 
and millions of dollars in ginning, compressing, warehous- 
ing and other plants are invested on this basis. Changes, 
even if for the better, will come slowly and only by evolu- 
tion. Our present task is to improve to the maximum of 
efficiency our existing facilities. 

The American cotton crop in characteristics varies 
widely from season to season; varies with different pick- 
ings of the same season; and even pickings of identical 
dates vary from section to section and even from farm to 
farm of the same section, as there is a variation in seed, 
soil, cultural and picking methods. These variations, 
sometimes slight, sometimes great, apply to the length and 
strength of staple; to discolorations, shading by slight 
gradations from whites into greys, blues, slates, pinks, 
reds, and rustics; to foreign matter, consisting of leaves, 
etc., in large pieces of considerable quantities or small 
amounts of peppery particles. A variation of even one 
thirty-second of an inch in length of staple makes a bale 
unsatisfactory to certain spinners, and while one spinner 
can use very slightly pink or blue or spotted cotton, such 
bales to another are hurtful to his product and should be 
eliminated from his shipments. 

Under our American system of concentrating the bales 
of lint at central grading and compression points, the 
expert cotton graders have the opportunity of fully 
examining each bale and carefully selecting for each user 
just the bales that best suit his particular product. Such 
careful re-examination and selection bring best results to 
the spinners, and enable the producer and seller to secure 
the best price from the satisfied user of his particular 
character of cotton. 

While there is some expense to this concentration and 



compressing, it is a trade necessity and more than pays 
its cost in the saving and satisfaction to the spinner and 
increased price bought to the producer and seller. 

Man, since he first undertook to bear burdens, has for 
convenience assembled articles into bundles and has striven 
to make these bundles as compact as possible. 1 he science 
of bulk reduction and of conserving shipping and storage 
space has now newly recruited students from the ranks of 
war experience. Let us in our industry encourage their 
studies and profit by their discoveries. 

The Chairman: The meeting is now thrown open to 
discussion. 

Mr. MacColl: I should like to refer to one remark by 
Dr. Knapp, and perhaps correct it. 

He conveyed the impression that spinners of cotton paid 
no attention to the evenness of grade and staple, and 
bought it all at the same price regardless of its character. 
Every well-managed mill goes into this matter thoroughly, 
examines samples carefully, and accords to them different 
values according to their merits. Every intelligent cotton 
spinner is willing to pay more for a cotton that is even 
running in grade and staple, because he knows it will 
yield better results in spinning. 

The Chairman: I think you are quite right, Mr. Mac- 
Coll, but I think you misunderstood Doctor Knapp. The 
reason why I say that is because I happen to know just 
what he meant. He did not mean that the spinner desired 
to buy the cotton hog-round, but he was speaking of the 
bad marketing conditions, under which the farmer sold his 
cotton, when he would bring the cotton to town and the 
buyer would look at it, and one bale was good, and the 
buyer would say no, he would take it hog-round. 

Mr. MacColl: That is probably true. The spinners, 
however, do not feel that way about it at all, and we want 
the growers to know that we do appreciate good cotton 
and are willing to pay for it. (Hear! Hear!) 

A Delegate: I should like to say that the spinner does 
pay more money for a higher quality and good, long staple 
than he does for a poorer quality, no matter what the 
purchaser from the farmer pays. 

Mr. p. L. Downs (Chairman, Agricultural Committee, 
Texas Bankers' Association, Temple, Texas): In answer 
to the further explanation of Mr. MacColl's statement a 
moment ago, and in the absence of Doctor Knapp who, I 
believe, has just left the hall, I wish to emphasize the fact 
that it is especially the buyer, the local buyer, and not the 
spinner, to whom Mr. Knapp refers. Having had per- 
sonal experience as a banker and as a cotton grower, and 
in the marketing of my cotton, I am in a position to know 
just exactly to what he refers. And furthermore, although 
the Agricultural Department at Washington, through the 
Bureau of Markets, is endeavoring to educate the farmers 
of this country in the matter of knowing exactly what 
their cotton will staple, in order to encourage them to 
grow a better staple, they are meeting with no encourage- 
ment from the local buyer, because, as he stated, when the 
farmer comes on the streets to market his cotton, having 
first gone to the stapler to get an idea or a statement as 
to what his cotton will staple, the buyer simply states to 
him: "You can take my price, and if you don't want my 
price, you can go and get it from the government or from 
anybody else. I propose to give you so much for that 
cotton." 

And there is great need, Mr. Chairman, for the encour- 
agement in cooperative effort of the growers, to bring the 



138 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



buyers to a proper realization of the fact that if a better 
stapled cotton is to be grown, they must pay a better price 
for good staple cotton, and insist upon the buyers giving 
the farmer the price to which he is entitled, in order to 
afford him proper encouragement in growing better stapled 
cotton. 

And one thing that should be done by this Conference 
before adjournment is to give an expression of encourage- 
ment to the Agricultural Department in Washington, in 
establishing these staplers over the Cotton States, in order 
that they may educate the farmer to know exactly what 
staple of cotton he has, and, in other ways, to grade and 
staple his cotton. (Applause.) 

A Texas Delegate: I wish to add to what has been 
said, giving my personal experience, for which you will 
please excuse me. I am a Texas man. I live in Cochran 
County, Texas. I am a cotton grower. And last fall, I 
gathered a carload of flat, gin-pressed cotton, not com- 
pressed cotton — forty-odd bales. I took the sample to 
Dallas, Texas, had the Government stapler there staple 
that cotton. I had procured Lone Star seed, and my 
cotton stapled from an inch and a sixteenth to an inch 
and an eighth. When I put that cotton on the market, 
the local buyer, who was buying on a limit — I don't know 
whether he was selling to the spinner or some speculator — 
told me that he could not give me any more for that cotton 
than he was giving for short staple cotton, for the reason 
that I did not have a shipment; that if he could get a 
shipment of that kind of cotton — about one hundred 
bales of compressed cotton — he could give a better price. 

Now% that was my experience, and I judge that experi- 
ences like that are what Mr. Knapp had reference to. 

The Chairman: Is there any further discussion.? 

An Arkansas Delegate: Mr. Chairman, I have been 
representing in the different states an organization of 
farmers to which there has been made reference this after- 
noon, and I want to state that I believe with all my heart, 
that when the time comes that all phases of the cotton 
industry can eliminate whatever selfishness there might 
be on the part of all, from the farmer to the ultimate con- 
sumer, and all of us get in closer cooperation, we will be 
able to produce the commodity that we want and the 
system by which and through which we want to handle it. 

There was reference made this afternoon to cooperative 
organization on the part of the farmers themselves. I 
regret very much to say that this cooperative movement, 
or the spirit of the cooperative project, has not met with 
encouragement on the part of all. Just why I am not 
able to say, but I do believe that when the handler of cotton 
realizes that it is to his interest in the long run to take the 
farmer into partnership, in order that the farmer may be 
better able to produce the kind of cotton and the kind of 
staple he wants, the spinner then will be able to reach the 
farmer more directly and eliminate unnecessary handling 
and we will be better satisfied all the way around. 
(Applause.) 

The Chairman: That is a very creditable statement, 
and I wish to say that to bring about just the result you 
mention is one of the fundamental purposes of this 
Conference. 

Mr. Stone (Mississippi): Mr. Chairman, I want to say 
just a word in behalf of the buyer. Nobody here seems 
to be taking up the cudgel for him. I am not a buyer; 
I am a grower of cotton; that is the only business I have, 
cotton planting, but I want to say by way of explanation, 
rather than of defense of the buyer, that when a cotton 
buyer in a short staple market, a market which is not accus- 
tomed to ship or to handle anything beyond short staple 
cotton, has offered to him for purchase cotton of a longer 



staple than that for which he has an outlet, it is very 
difficult for him to place it. It is very difficult for him to 
make an offer. 

Now, we have the converse of that in the territory in 
which I live. We live in a staple belt, a belt which naturally 
produces cotton running from an inch and an eighth to an 
inch and three-sixteenths or a quarter in length. We are 
at a disadvantage when we attempt to grow short cotton. 
That is to say, we were, until two or three years ago, when 
our buyers got on a short staple basis. I don't think there 
is any disposition, in other words, Mr. Chairman and 
gentlemen of this convention — and I say this particu- 
larly to our foreign friends here — on the part of American 
buyers to do anything at all to interfere with the legitimate 
business aspirations and progress and advantages of the 
producer. I do not think that. I do not think Doctor 
Knapp would mean to carry the thing quite so far as 
that. I think it is a very natural condition of affairs, and 
if a number of growers in a short staple region can pool 
enough cotton to offer it to a buyer who is accustomed to 
handling staple cotton, they can get a staple cotton price 
for it. (Applause.) 

Upon motion made, and duly seconded, the meeting 
adjourned, at eleven o'clock p. m. 



FOURTH SESSION 
Tuesday, October 14, 1919 

9:40 o'clock A.M. 

The Chairman: I do not want to tire the conference 
with the continuous sound of my voice, so I am going to 
give you the pleasure of knowing Mr. Albert Greene Dun- 
can, former president of the National Association of Cotton 
Manufacturers of Boston, who has kindly consented to pre- 
side over the morning session. Mr. Duncan. 

(Mr. Duncan thereupon assumed the chair and will be 
referred to as "The Chairman" during the remainder of 
this session.) 

The Chairman: Yesterday, I believe a good many of 
you were somewhat fatigued by the length of the speeches. 
Colonel Thompson has asked me — in fact has given me 
orders — that the only condition on which he would allow 
me to occupy this distinguished position was that I would 
hold the speakers strictly to the fifteen minute rule; so 
I do not wish any speaker to feel like throwing bricks at 
me when the gavel descends. At the end of each speech 
we will have a short discussion, while the matter discussed 
is in mind, rather than wait until the end of the meeting 
when everybody wants to go lunch. 

With that in view we will open our program by hearing 
from Mr. E. A. Calvin. Mr. Calvin speaks on the sub- 
ject of "The Problem of Country Damage," a subject 
which, like the poor, is always with us. 

Mr. Calvin: I think my remarks will be something like 
the fellow's story when he had a horse to sell. He told the 
prospective buyer that this horse had two troubles. "One 
of them," he said, "I am going to tell you about before 
you buy, the other I can't tell you until after you buy and 
pay for him." The other fellow said: "What is the first 
trouble.? What is the matter with him?" "Well," he 
said, "this horse is mighty hard to catch; in fact, you can 
hardly catch him at all. He will always run away from 
you. You almost have to pin him to catch him, as they 
say in Texas." He replied: "I don't know that that is a 
serious defect. I am going to keep him in the stable most 



OFFICIAL RFPORT OF THE WORLD COTTON CONFERENCE 139 



of the time. Now what is the second defect?" He 
replied: "The second defect is that he isn't worth a damn 
when you do catch him." 

I don't know but that the remarks that I shall make 
this morning may not be worth very much. I do not 
know of any one subject that has had more discussion 
than the question of countr}^ damage. I believe every one 
of us who lives in this country knows that there has not 
been any decided improvement in any particular. 

A tew days ago, I visited the Department ot Agricul- 
ture to get some figures on this proposition. The best 
figures I was able to get were that the country damage in 
this country ran from thirty millions to seventy-five mil- 
lion dollars per annum. I asked them what they thought 
the damage was this year and it was variously estimated 
as from forty millions to as high as eighty millions, but 
taking a conservative estimate, and placing the country 
damage this year at sixty million dollars, which I think is 
reasonable and fair — and we have a perfected crop of 
ten and one half millions — it amounts to more than $5 
per bale on every bale of cotton grown in the United 
States. 

Before the war, and before the cost of materials went 
up, the estimate for building first-class warehouses was but 
a little in excess of ^5 per bale. In other words, the 
country damage this year, if material had not advanced so 
rapidly, would have built enough warehouses to have 
warehoused every bale of cotton in the South. What do 
you think about that.? 

Now, some people say, "We cannot understand why 
these people permit this cotton to become damaged." 
Neither can we, neither can the farmer himself. He 
doesn't intend to do it. I farmed the greater part of my 
life, and one year I remember, in particular, I had a 
pretty expensive crop of hay, as well as cotton produc- 
tion. I had my sheds and barns full of hay, and I had my 
cotton ginned and I brought it back home, and dumped 
it in the yard, one bale after another. I did not intend 
to let it lie there, but I put it there until I could prepare a 
place to put it. I put my hay in, but I allowed the cotton 
to remain out there for some months and finally hauled it 
away, and I found I had lost very nearly one half of the 
weight of that cotton. Now, there was not a day, from 
the time that that cotton was put in the yard until I sold 
it, that I did not vow in my heart that I was going to put 
that cotton away. Not one. And every farmer is the 
same. He dumps his cotton in his yard, as a matter of 
convenience, while he is having it ginned, not expecting 
that It will remain there, but expecting to sell it pretty 
soon. The market goes against him and he says to him- 
self: "I will hold my cotton for a higher price," and it 
stays there, and he says then: "Oh, well, another week 
won't hurt." But the fact is that every day and every 
week hurts and continues to hurt. 

But I want to say this now, discussing it from the 
farmer's standpoint: Do not charge all country damage 
to the farmer. A great deal of what is called country 
damage takes place after the crop has left the hands of 
the farmer — a great deal of it. For instance, there is a 
practice in this country on the part of the cotton mer- 
chants — what we call cotton factors, who handle cotton 
on assignment (and they are very numerous in some parts 
of the South. In my own home state, in Galveston and 
in Houston, there are perhaps forty or fifty cotton factors, 
some large and some small) and who have indulged in a 
practice which I think is most reprehensible. They 
receive your cotton and they know they have not ware- 
houses enough to store all of the cotton that they are to 
receive, so they mark your bale of cotton when it comes in, 



"Slightly damaged." Almost any bale of cotton might be 
called slightly damaged it it had had any exposure at all, 
but the reason why this is called "slightly damaged" is 
that they know it will lie here in the open a large part of 
the time until the farmer in the country orders it sold, 
and when it is sold and it turns out to be badly damaged 
they are not responsible. But I have known it to be the 
case that practically every bale of cotton that came 
to the warehouse was marked "Slightly damaged" and 
permitted to remain in the open until it had become 
badly damaged, and then they were not responsible for it. 

Then there is another thing. A great deal ot this cotton 
is damaged in the compresses throughout the country. 
There are very few compresses in the country which have 
adequate facilities for housing the cotton which they 
receive. They receive the cotton and it remains longer 
than they expected and they set it on a flat floor and 
everybody knows that it will damage more rapidly on a 
flat floor, if exposed to weather, than it will on the ground, 
for the ground will permit cotton to dry out more quickly 
than if it has planking underneath it. So there is another 
great source of country damage. 

Another source of country damage is at the country gin. 
A good many farmers have the habit of taking cotton to 
the gin, and while they may take the seed away, they will 
leave the cotton there. The gin dumps it out on the public 
lot, which is everybody's storehouse, and perhaps it 
remains there a month, or two, or three, or four, or six 
months. 

Now, gentlemen, I do not know just what I could say 
that would be illuminating along the line of country dam- 
age, any more than I have said, because everybody knows 
it exists. It has been preached against and it has been 
talked against. People have sought to protect the cotton 
against country damage, and yet it goes on just the same, 
and every element in the trade continues the same old 
practices. It is unfortunate, but I believe that with the 
right kind of campaign to encourage those who handle 
cotton to build housing facilities, and then urge the 
farmers who raise cotton to use every effort to prevent 
this cotton from being damaged, considerable could be 
accomplished and no doubt would. 

The whole world, you might say, has an interest in your 
cotton. I doubt if any man has the moral right to permit 
a bale of cotton to become damaged, voluntarily. Of 
course, you have raised the cotton and it is your cotton, 
and so is your farm your property, and your wheat, and 
your cabbages. We have been told in recent years that 
some market men had the practice of dumping a lot of 
cabbages in Lake Michigan, at times, in order to hold up 
the price of the balance, and we know that Congress is 
legislating against those practices. It is not fair to the 
balance of the population to destroy, or to allow to deterio- 
rate any commodity in order to hold up the price on the 
balance. In other words, the people of the world have 
rights which must be respected and so I think we should 
propose some form of legislation for the purpose of com- 
pelling every man who handles cotton in any way to pro- 
tect it from country damage, or any other damage. I am 
not sure but what it would be fair to have the farmer see 
to it that he protect his cotton himself. If he doesn't do 
that, he should be punished. That is the law we should 
have. I would have been punished myself several times 
had such a law been in effect, but I think it would have 
been good for me, and so I think that legislation might 
be passed to compel every man handling cotton to 
protect it. 

The question of country damage and the warehousing 
question are links that should be discussed one after the 



140 OFFICIAfL REPORT OF THE WORLD COTTON CONFERENCE 



other. We must have adequate housing facihties and I 
beheve that we are going to have them. There has been a 
good deal of progress in the South along that line and I 
believe there will be more in the next few years. I believe 
there is considerable awakening as to the necessity of pre- 
venting this damage, and not only that, but there is another 
thing that is going to help out. The farmers of the South 
— the cotton producers in the South — have determined 
that they will market their cotton more regularly than they 
have in the past. In other words, they have awakened to 
the fact that in order to maintain a stabilized price and a 
liberal price throughout the season, cotton must be 
marketed gradually, and as the mills of the world desire 
it. Therefore, there is going to be the storage of a great 
deal of cotton because the farmers who carry cotton in the 
banks will have to figure that the bank won't finance it 
unless it is properly warehoused and properly insured and 
protected. That is going to go a long way toward 
eliminating country damage. 

The Chairman: I want to congratulate Mr. Calvin. 
Gentlemen, are there any questions you would like to ask.? 

Mr. Peteet: Mr. Calvin, is it not a fact that over a 
large part of Texas, for the past half dozen years, the 
warehouses have been filled and the yards have been filled 
with cotton? I want to make a further point. Isn't it a 
fact, also, that during the fall months for sixty to ninety 
days after the cotton has been ginned, if two farmers take 
their cotton to town, and one puts it in the yard and 
leaves it exposed to the weather, and the other puts it in 
a warehouse and pays charges on it, and both sell it within 
thirty or sixty days from the time of ginning, both receive 
the same price.'' 

Mr. Calvin: The same price exactly. 

Mr. Peteet: My purpose in asking that question was 
to get before the Conference this idea, that there will 
never be warehouses built in the South and used in the 
primary markets for cotton until there is a discrimination 
in the prices paid for cotton in the primary markets 
between cotton that is protected and cotton that is 
exposed to the weather. As Mr. Calvin says, when a 
farmer brings his cotton to town he ordinarily expects 
to sell it if the market is right, and if the market is not 
right, he expects to sell it within a few weeks, and he 
knows from experience that he can leave his cotton in an 
open yard, where there are no charges, and receive as 
much for it as his neighbor will receive if he puts his 
cotton in a warehouse and pays insurance and storage 
charges. Farmers who expect to hold their cotton for 
market in December or January or February should put 
it in warehouses in storage. 

The Chairman: That seems to be a very important 
question and a very significant fact. 

A Delegate: I would like to ask Mr. Peteet a ques- 
tion. Isn't it a fact that a cotton buyer, when he goes to 
buy a bale of cotton, if it is wet or damaged, will penalize 
the price of that cotton.? 

Mr. Peteet: Oftentimes the farmer does not know the 
penalty imposed upon him, because it is easier to impose a 
penalty in amount of price and the farmer loses and does 
not know why. If the farmer knew he would get more 
for his cotton if he put it in a warehouse, our farmers are 
intelligent enough to put it there, and they will build 
warehouses and put it there too. 

Mr. Pearse (of England): I wish to say that at a 
meeting of the Committee of the International Federation 
of Spinners and Manufacturers Associations, held recently 
in Paris, on September 3 and 4, two resolutions regarding 



warehousing and country damage were adopted unani- 
mously by the representatives of eleven countries present 
here. I confine myself to the reading of those resolutions: 

Warehousing: Resolved, That it is to the interest of all 
parties, from the grower to the consumer, that greater 
care be exercised in preserving cotton in transport from 
the effects of the weather, and that every effort should be 
made to extend in America an up-to-date warehouse 
system. 

Country Damage : Resolved, That, in the opinion of this 
meeting the adoption of clear and permanent marks and 
labels stating the names of the grower, the warehouse, the 
gross tare and net weight, is conducive to the reduction of 
country damage. 

Those were the two resolutions on this line which were 
passed in anticipation of the work you are doing here. 
The committee thought that an expression of opinion by 
the cotton spinners and manufacturers of Europe would 
be helpful to you. 

The Chairman: Gentlemen, as a spinner, I would like 
to state one thing in answer to the first gentleman who 
spoke from the floor. It was brought up by the last 
speaker. It may still be said, when cotton gets into the 
spinners' hands that virtue is its own reward. Somebody 
seems to think that country damage comes in, in a certain 
sense, as a loss to the spinner. It does not. We will take 
the cotton and allow the merchant or broker who sells it 
to us about one-half a cent for it and he collects that 
money from somebody, or else he has taken off the price 
in the first place. Somebody loses it. In nine cases out of 
ten, virtue is its own reward, and the man who allows 
country damage to get there knowingly is generally the 
man who, in a long run, will pay for it. 

Mr. Leonard: I want to correct a statement made by 
Mr. Calvin, that in the purchase of cotton, buyers do not 
make any difference in the price paid for cotton that is 
damaged or not damaged. If cotton is damaged, they 
condition that cotton — either the buyer who buys it, 
and re-ships it, reconditions it, or the owner of the cotton 
reconditions it, before it is weighed, and he does not get 
the same price. If he does not lose in the price itself, he 
loses in the amount of cotton that he sells. 

Mr. Calvin: I think you misunderstood me. As Mr. 
Peteet asked me the question, if I had a bale of cotton and 
you had one, and I put mine in a warehouse and you let 
yours lie out, you get the same as I do, if it is not damaged. 
That is true. Of course, if it is damaged, and I have to 
recondition mine, or you have to recondition yours, we 
will have to stand the loss. 

Mr. Turner: Touching the subject of damage, there 
was no reference made to two very essential points which, 
in my personal opinion, should receive more than ordinary 
attention, and perhaps national legislation. One point is 
the unfortunate condition where cotton passes through a 
cotton factor by consignment, or where cotton is sent to 
a country station for shipment. The railroads bring the 
car up where they can, or where they will, and they have 
flat platforms where the cotton is received, and where it 
sometimes stays after the bills of lading have been signed 
for, as long as ten or twenty days, and then they use open 
flat cars and perpetuate the damage, and they charge you 
the same freight rate, and they, themselves, are exceedingly 
contributory toward increasing the damages on bales of 
cotton in transportation. That is a subject that can be 
corrected by the nation. If the cars are not there to carry 
the cotton promptly the farmer, who in good faith places 
his cotton there, and pays his freight, should be protected. 
It is the most expensive commodity known in agriculture. 
At the present time, if a man goes to a country station with 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 141 



a bale of hay and a bale of cotton, they will put the bale of 
hay under cover and allow the bale of cotton to remain 
out indefinitely until they can furnish cars, and then, 
when they do, in many parts of the country, they furnish 
the flat cars that become a hazard and that contribute to 
country damage. 

The Chairman: Are there any other speakers? 

Mr. McGrath (Mississippi): Unfortunately I arrived a 
little late, and did not hear all of Mr. Calvin's address. 
I want to ask Mr. Calvin this question: Where does most 
of what we call country damage originate.'' 

Mr. Calvin: That I do not know. I would assume that 
the majority of it is on the farm. 

Mr. McGrath: I think myself it originates with the 
farmer. I know m my section, where they are called 
farmers, it is a source of pride to have cotton stored out 
in the front yard where the neighbors can look at it. I 
know one man that stored five or six years that way, and 
lost four or five bales of cotton each year. At the end 
of the fifth year, he built a warehouse, and the next July, 
lightning struck that, and he lost it all. (Laughter.) I 
think if you want to get rid of a good deal of this country 
damage you will have to start with the farmer himself, 
and take better care of the cotton from the time it leaves 
the gin. When it strikes the railroad platform, it does 
not stay there long, and when it gets to a compress, they 
are able to care for it, and know how to handle it and 
dry it out. But the farmer won't do that. He will let it 
lie up there in the rain several weeks. He will put his 
hay in the barn; he will not let the hay get wet; but 
he does not mind the rain on the cotton because sometimes 
it will make it weigh a little more. I think if you want to 
get at the country damage, you will have to start on the 
farmei;, and either educate him or legislate him out of his 
native habit. 

Mr. Cole: Mr. Chairman, I do not like the unjust 
insinuation that the farmer allows his crop to remain on 
the ground until it is damaged. I am going to protest 
against it. I want to say that a great portion of the 
damage comes not from the farmer, but the speculative 
local buyer. He puts it in the cotton yard and lets it stay 
there for months at a time; and he anticipates the damage 
and takes it out of the price. I resent the insinuation that 
the farmer allows it to lie on the ground to get extra weight. 
We don't do it. A greater portion of the cotton from Fort 
Worth to Memphis lies on the ground in the cotton yard 
for a month or two months. I have seen ten thousand 
bales in the cotton yard lying out; and it was not the 
farmer's fault; it was the fault of the speculative buyer. 

A Member: Take ten per cent of the cotton raised by 
the farmers and you have about what they hold. They 
sell their cotton the day it is ginned. You can go over 
northern Texas and you will find thousands of bales of 
cotton in the yards. The farmers ought not to carry that 
load. Ninety per cent of it is sold when it is gathered. 
It is raised by the tenant farmers of Texas — they pro- 
duce the cotton, and it goes on the market when it is sold. 
The local buyers are responsible for that damage. Do not 
settle it on the poor old farmer. (Applause.) 

Mr. Brown (Texas) : There was a bill before the legis- 
lature of Texas last winter, asking that the warehouses 
be compelled to furnish storage for the cotton that was 
supposed to be put in these warehouses. The fact is, it 
was shown in the State of Texas that these warehouses 
were paid for the warehousing and the cotton was put out 
on the ground and stayed there. That was shown before 
the legislature last winter. 

Mr. Pearson (Texas) : I am a farmer, and raise my 
own little crop and gather it, and am interested in ginning. 



I sold, through a firm in Dallas, Texas, to Germany, one 
hundred and seventy-five bales of cotton at eight and 
one-half cents per pound. Our trade was that they were 
to pay me eight and one halt cents per pound for every 
pound ot cotton we weighed over the scales. This was a 
public weigher under bond, and that cotton never saw 
a drop of rain, or had a drop of rain fall on it from the 
time it left our gin until it went into the cars of the trans- 
portation company. 1 did not know what compress weight 
meant at that time, just being a farmer, but later on in the 
deal, I found out what it meant. Although I guaranteed 
compress weight, yet I weighed that cotton under a 
bonded weigher, and saw that it was put in the cars dry. 
The contract was that the buyer was to take the cotton 
and pay me the price and if it did not stand up as to grade, 
I was to make it up in dollars and cents; and if it fell 
short in weight, I would make it up. I was to get eight 
and one half cents per pound for the cotton and when the 
final settlement came, he drew on me for ^40 on short 
weight. I want someone to tell me where that short 
weight came in after it left my hands. I know what 
compress weight means now. Don't saddle it all on the 
farmer. My guarantee was good, and I did not put a 
bale in those cars that was wet, and I instructed my 
ginner not to do it, and he did not do it; and I want 
to know now where the $40 in cotton that I had to make 
good went to, after it was weighed under a bonded 
weigher, under the laws of Texas. 

Mr. Dancy (Texas): Mr. Chairman, this question of 
country damage is a very vexed one, and difficult to 
locate. I want to say to you, with the experience of many 
years in the cotton trade, that the planter gathers his 
cotton in the fall, puts it on his wagon and carries it to 
the gin; it is ginned and placed either back on the wagon, 
or sold at the gin. In most instances it goes back on his 
wagon. It is a question whether he will take it to the 
nearest town for sale, or carry it back home. We will 
follow that bale in both directions. If he caries the bale 
home, and this applies especially to Texas, he invariably 
carries it to where he has no protection for it, takes it 
around behind the barn, and throws it in the mud; one 
hundred and fifty dollars down in the mud. You can 
take one, three, five or twelve bales of cotton and place it 
up on crosspieces on the ground with a tar paper covering 
it and your twelve bales of cotton will sit there for years 
in perfect condition. I am not trying to blame the farmer, 
but the farmer thinks by an accumulation of moisture, 
he does secure an additional weight on his cotton; but 
he does not. They say, "Why won't the spinner pay the 
full value.'"' I say it is because the farmer has not taken 
the proper care and protection of his cotton. If you take 
it out of the warehouse in good condition, the spinner will 
pay the highest price for it any time. The buyer, the 
speculator, this man you call the owner, buys that cotton 
and places it in the open yard in the weather — invariably 
in Texas, because there are not many of the small towns 
that have houses. Sometimes up in the thousands of 
bales this cotton lies out in the weather, in the open. 
Every day it remains there, unfortunately for the owner 
of that cotton, he loses in the proportion of damage that 
it will accumulate and take up. Within the past season, 
there has scarcely been a bale of cotton brought to my 
plant that did not contain a damage often to one hundred 
pounds, and sometimes in excess of one hundred pounds, 
making the bale almost unmerchantable, and in several 
cases, I had to remove a part and rebox the cotton. What 
you want is protection to the cotton we grow. We need in 
the first place — if you will pardon me for digressing — ■ 
we need central warehouses at places like Houston, Waco 



142 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



and Dallas, where this cotton can be concentrated, and 
where any man who has his cotton in the cotton yard, 
and no protection, can ship it to the central warehouse, 
where it will receive protection, and insurance. Also, in 
the sampling of it, it will prevent this excessive pulling of 
samples and cutting the bale five or ten times, rendering 
the bale a disgrace to show in foreign countries. 

This country damage accumulates in the yard. The 
day I left Houston, car after car came in there loaded with 
cotton, exposed to the weather, and it was raining m tor- 
rents. The compress in Houston for the past three or four 
months has received cotton, many thousand bales a day, 
and every bale marked "damaged," whether it was or not. 
Of course, if damaged, the owner is credited with the dam- 
aged cotton, it was stated at nine cents. I say four or 
five or six cents is an extreme credit for the damaged 
cotton. This must be remedied. When you buy cotton in 
Houston, or Galveston, you do not get damaged cotton; 
because the man who examines that cotton, examines it, 
and when it leaves there, it leaves there clear of country 
damage, and the man m Europe never receives damaged 
cotton from Houston or Galveston. 

Mr. F. J. Jaeggli (Texas): Speaking from the stand- 
point of the country banker, who is certainly interested in 
country damage, we of South Texas find that in most 
instances the country banker can be a large factor in 
seeing that the cotton is properly warehoused. When the 
farmer comes to us for a loan on his cotton, we ask him 
if his cotton is protected, and a great majority of them will 
tell us, "Yes, entirely." You ask him if he has it in the 
warehouse, and he says, "No, I have it in my barn." 
In many instances the next day, if you drive by his place, 
you will see it under a live oak tree, on rails. If we refuse 
to loan to that farmer on his cotton until he puts it into 
the warehouse — I don't mean by being arbitrary and 
refusing to loan, but take time and cooperate, and explain 
the benefits accruing by warehousing — he will in most 
instances send it to the warehouse. We can explain to 
him that by warehousing his cotton, he will save his 
insurance, his interest, and will get more for his cotton. 
If we take the time to explain that to him, he is, in most 
instances, ready to warehouse it. I think the country 
banker should explain these advantages to his farmer, and 
not say to him, "You must put your cotton in the ware- 
house before I will loan you any money." 

Mr. Holt (Louisiana): I think that most every one 
that handles cotton can be charged with contributory 
negligence. I don't think that we have ever realized the 
value of taking care of the staple. The only remedy that 
I can see — I do not believe it can be corrected by statu- 
tory act, but I believe that preparing a bale at the point 
of origin for the point of destination will minimize the loss 
materially. Another way is in the education of the people 
to the better care of the cotton. 

Mr. Seibels (New York): The question of loss of 
weight in cotton should have some discussion, it seems to 
me, and all the growers are interested in that proposition. 
I have hesitated, because I thought others could do it 
better, but we have before our Committee on Transporta- 
tion and Insurance, statistics from the government which 
show that a bale of cotton put in a warehouse and allowed 
to remain there would vary as much as ten pounds in 
weight; and I think that is a sufficient answer to the 
gentleman who wanted to know why his cotton lost weight 
m transportation from his warehouse to the compress. 

Mr. Pearson (Texas): This cotton was not stored in 
the warehouse; it was ginned and loaded into the cars 
and sent to the nearest compress. 



Mr. Seibels: The report shows that it will vary as 
much as ten pounds when it is protected. 

Mr. Pearson: How long does it take that cotton from 
the time it leaves the press to lose that ten pounds? 

Mr. Seibels: I think these statistics will show that the 
cotton will gain or lose as much as ten pounds in the space 
of 24 to 48 hours. These figures were prepared from tests 
of over seven months. 

Mr. Shirley (Texas): The experience of the gentle- 
man who spoke about cotton being placed three feet above 
the ground on a pole, has not been mine. If you lay a 
bale of cotton flat down on the ground, the water will 
drain ofi^ it, and it won't damage half what it will up on 
the pole. Where the pole touches cotton, it will start a 
cancer, or rot, and it will go in; and if it is on the ground, 
it does not do it. Mr. Calvin, I believe, will bear me out 
in that. He was raised on a farm, and raised his own 
cotton, and picked it. If you want to know how to over- 
come the difficulty of that cotton damage, I will tell you 
the best way to do it, and the most economical way to 
do it, is for every man to build a sufficient shed to put his 
cotton in, and let it stay there for six weeks or two months, 
and when he gins it, let it be ready to go to the spinner. 

Governor Bickett: Mr. Chairman, I come from that 
section of North Carolina where the people believe that 
salvation cannot be had except through repentance. Now, 
all of us who have studied this question at all realize and 
know that the greatest economic sin that is being com- 
mitted in this country today is against cotton. We are 
not going to be saved from that sin, and the consequences 
of It, until we recognize that we are sinning, and "About 
Face." The discussion seems to want to ascertain just 
who is to blame for this sin. I will tell you who is to 
blame for it; everybody is to blame for it who has any- 
thing at all to do with the cotton industry from the time 
the cotton is picked, until it gets into the hands of the 
spinner. (Applause.) It won't do anybody any good to 
try to put the blame on this man, or that man; or on 
this branch of the industry, or on that branch of the 
industry. The question is: Are we realizing that we are 
facing a* condition and not a theory and are we going to 
go about it in such a manner as to cure those evils.? We 
all know that the farmers sin against cotton. You can 
see evidences of it along every country highway. You 
can see cotton lying out in the weather from October until 
June — the farmers' cotton. Everybody knows that the 
local cotton buyer sins against cotton. You can go in 
any country town and see it lying out on the platform, 
in the same way that you see it lying out in the field. The 
only remedy is to reahze that it is a great economic crime 
that we are committing against this staple, and to make 
up our minds to create public sentiment everywhere that 
will force men to put their cotton under cover as soon 
as it is ginned. (Applause.) Why? Progressive farmers 
in my state who for years and years permitted their cotton 
to be mistreated in this way are now realizing that they 
have been sinners; and those sights are becoming more 
and more rare. I hope they will become still more rare, 
as time goes on. That is all I have to say on this subject. 
I wanted to get you people to realize that we are cutting 
down our own profits by handling our cotton in this 
manner, and that we should see to it that such public 
sentiment is created in every community as will frown 
down a man who injures himself and injures his neigh- 
bor and injures his community by allowing his cotton to 
stay out in the weather. (Applause.) 

The Chairman: I will call on Colonel Thompson, who 
has a vast knowledge on this subject, to give us his views. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 143 



It seems to me that the subject is one of such iuiportancc 
that it should he thoroughly discussed. 

Mr. Thomi'SON: My apology lor saymg a tew words on 
this subject lies in the fact that in the warehousing of 
cotton is the crux ot the whole situation. All of the funda- 
mental problems that have been discussed up to this time 
can be solved wdien w-e solve the problem of warehousing. 
The world wants more cotton; the spinners want more 
cotton; and I tell you that production cannot be increased 
in such measure as to supply the increased demands of the 
world, unless we have adequate warehousing — here and 
where the cotton is produced; and unless the producer 
receives above the cost of his production a reasonable 
profit for such production. (Applause.) 

I say that the producer cannot receive this reasonable 
return unless he is in a position to take care of and con- 
serve his property. He will have to be independent before 
he can realize this reasonable profit. 

Now, I am no believer in nostrums, or formulae; I am 
no believer in the efficacy of legislative price-fixing, or 
convention price-fixing. What we say and do here, or 
what we say and do in the halls of Congress cannot repeal 
the immutable laws of cause and effect. (Hear! Hear!) 
We must put the farmer in a position which will enable 
him to market his cotton gradually, as demand calls for it, 
and when we have done that, he will be able to realize 
reasonable profit. He will not be able to do this unless 
he has facilities with which to haul his cotton off the 
market - — ■ reserve it and dole it out as it is demanded. 
If he has not warehouse facilities — and when I use the 
expression warehouse facilities I do not have in mind the 
tremendous warehouses, such as we have here and as 
they have at other cotton centers — I mean small ware- 
houses on the farm, sufficient in size to permit a man to 
store and hold his cotton until it is advisable for him to 
dispose of it. If he has ample warehousing facilities he 
will be able to finance his cotton locally and adjust obli- 
gations which must be liquidated; and then hold such 
cotton as he has in reserve until such time as the market 
calls for it. 

Therefore, gentlemen, in my opinion the solution of the 
problem of the greater supply of cotton, which the world 
wants, and which the spinners want, and which we all 
want, provided that supply is sold upon the proper basis, 
lies elementally in the question of warehousing. When 
you have done this, you will bring about prosperity for 
the producer and encourage him to produce more and 
more of this great staple product. 

Now we come to the question of the stabilization of 
prices. We cannot, as I have said above, arbitrarily and 
by the simple process of force, fix any price for cotton; 
but if the farmer is in a position where he is not obliged 
to sell on a market that is flooded — if he can economically 
hold and conserve his property and dole it out as demand 
calls for it, then you will have the only sane and economical 
stabilization of which I am aware. 

Now, country damage, as has been shown by the dis- 
cussion here today, is to be eliminated, and it can only be 
eliminated by protecting the cotton, and that means ware- 
housing the cotton. It means we must have a system of 
warehousing. It means that we must become converted 
to the warehousing idea. In my opinion, there should 
be at all of the ports that handle any quantity of cotton, 
and at the concentrating ports warehousing systems, 
such, if you please, as we have in Louisiana. The con- 
centrating points in the interior should be provided 
with ample warehouses; and the smaller towns, on 
a smaller scale, should be provided with ample ware- 
houses. It should be imperative that the gins should pro- 



tect cotton and you cannot protect cotton without some 
cover and without some warehouse. The farmer, on his 
own place, would save thousands and thousands of dollars 
a year, if he would only put his property under ware- 
housing covers, which is bringing warehousing down to its 
most elemental and primitive form. If we can secure a 
recognition of the absolute necessity, of the far-reaching 
needs of this matter of warehousing, then, indeed, will 
this conference have accomplished a great purpose; for it 
will have brought home to all interested the necessity of 
properly taking care of the cotton and providing those 
facilities for it which will take care of it; and place it 
where it can be readily financed. Then we will achieve 
stabilization of the price of cotton as far as it may be 
stabilized, and we will do it by perfectly natural methods 
— methods that will enable the producer to make what 
he should make out of it; it will encourage him to make 
more cotton; it will make more business for the spinner; 
and it will make far better conditions in all branches of 
the cotton industry the world over. (Applause: Hear! 
Hear!) 

A Delegate: I want to ask Mr. Calvin whether he has 
investigated if a law could be passed regarding the protec- 
tion of cotton. 

Mr. Calvin: I do not think there is any question but 
what a law can be passed and effectively enforced which 
would compel a public warehouseman or a public handler 
of cotton to protect it. That is the reason that I said at 
the time that I did not know but what it ought to apply 
to the farmer also, but I was in doubt as to whether it 
could be made applicable to the farmer himself in handling 
his own property. But as to whether a public handler or 
a public institution can be forced by law to properly pro- 
tect cotton, there is no question. Beyond doubt that can 
be regulated. You asked me a while ago where I thought 
the principal part of the damage took place, whether or 
not the major portion of the damage occurred while the 
cotton was in the hands of the farmer. I said I thought 
that perhaps the majority of it did occur there. I think, 
on reflection, I had better qualify that. As a matter of 
fact, I do not know. This I do know, that much cotton 
is damaged in the hands of the farmer, and I know that 
much cotton is damaged in other places, but to attempt 
to fix the responsibility on a percentage basis, is something 
I would not undertake. I don't know. 

Mr. Bacon (Hunter County, Texas): Mr. Chairman, 
I would like to say just a word or two. I want to say in 
the beginning that I am just a farmer — just a plain 
ordinary Texas farmer. I have been a farmer all of my 
life, and, if you will pardon me, I think I am considered 
a pretty successful farmer. I want to say that the people 
and the farmers have studied their business and they are 
getting to be pretty good business men as well as rattling 
good farmers. They are not quite so ignorant and so 
easy as they used to be. We have found that if we take 
a bale of cotton to the gin that is wet we are going to be 
penalized in the ginning of it, for the reason that the 
machine naps the cotton and cuts it and consequently we 
do not get so large a per cent of cotton. For that reason 
almost everybody in our section has built cotton sheds — ■ 
good substantial sheds — and we keep our cotton covered 
in the field and in the wagon and in the warehouse during 
a rain, and we never send a bale to the gin that is not dry. 
We have found out that we have been easy prey to the 
cotton buyers and the cotton spinners; and that is why I 
want to address a few remarks directly to the spinners. 
Gentlemen, I have produced thousands of bales of cotton 
and I have often wondered why I should not get acquainted 
with some spinner. He is just as much interested in 



144 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



getting acquainted with me as I am in getting acquainted 
with him, because if I don't produce good cotton and 
plenty of it, he is a loser just as much as I am. I just 
wanted to say these few words to make my identity 
known to the spinners, because I want them to know 
that there are dilFerent conditions now from what there 
used to be. 

Now, let me speak to the banker just a minute. If the 
banker who furnishes these little cotton merchants with 
money to buy cotton would require the merchants, when 
they advance them money, to take every bale of cotton 
that they buy and store it immediately in a weather-proof 
warehouse, the cotton, or the country damage to the 
cotton, would be largely eliminated. There is no question 
about that. As to the question of passing a law to force 
men to take care of their cotton, there is no law that you 
can write and put on your statute books that would be 
more binding on him than if the cotton buyer were to 
penalize every bale of cotton that he brings in that is 
damaged by weather, or some other kind of carelessness. 
You penalize a man for being careless by hitting him in 
his pocketbook, and you are going to get results quicker 
than if you try to make him do something by law that 
cannot be done. I sometimes buy cotton and I would not 
hesitate to tell these people if their cotton is wet that I 
will have to take care of my own interest in the deal. 
I am going to have to pay the man with damaged cotton 
less than I am going to have to pay the fellow whose 
cotton is dry and in good condition. That is only human 
nature. There is no other way, or there is no use to try 
and teach a fellow unless you teach him in a way that 
makes him remember his lesson. And, so, my fellow men, 
it is to all of our interest to take care of the cotton, and 
if the spinners penalize the brokers and the brokers 
penalize the buyers and the buyers penalize the man who 
carelessly allows his cotton to become damaged, then you 
are going to get results. You take his money, or you 
give him less than you give the other man who produces 
his cotton and takes care of it, like a man ought to take 
care of any other piece of valuable property, and you are 
going to make him think twice before he lets it lie out in 
the rain the second time. 

Mr. Thomas (Great Lakes Trust Company, Chicago) : 
As a Northerner, gentlemen, you may think I have a 
great deal of assurance to get up here and talk to a lot 
of Southern gentlemen on cotton. 

I must confess that I am utterly unable to see where 
there is a necessity for legislation on this matter of dam- 
age. If self-interest does not impel action on the part of 
the man who handles cotton from its initial state clear 
through, you cannot legislate him businessly intelligent 
any more than you can legislate a man honest. With 
a bale of cotton in prime condition, worth a certain price 
to you, if under the conditions which are allowed to exist 
you depreciate it five or ten or twenty per cent itseems 
to me that you have the greatest incentive to maintain 
that prime condition. 

The farmers of the North have learned that when they 
make their corn crop, unless they crib it so that it dries 
out, they are going to lose a very large percentage of its 
value. If they ship that corn damp, it heats in transit; it 
will not grade at the terminal, and they are out-of-pocket. 
The bushels to the acre that they raise and the market 
price of their commodity have no bearing whatever on its 
condition unless they maintain the condition that Nature 
turned it over to them in. If they do not crib their corn; 
if they do not keep their rye, oats, barley and wheat 
under cover, the same condition prevails. Every little 
grain town along the railroad has its elevator, and whether 



the farmer sells to the local buyer or disposes of his product 
in the local market, his grain is protected. He protects 
it in the first instance. The transportation companies 
know they have to protect it in the second instance, and 
when it comes to the terminal or elevator men, they know 
they have to protect it. 

Gentlemen, as a suggestion from a rank outsider, but 
one who is interested from the standpoint of looking for 
desirable loans — and I know of nothing better from the 
standpoint of a commodity loan, when I know the condi- 
tion of the cotton and its weight and its market price — ■ 
I say it would seem to me that you gentlemen, farmers, 
warehousemen, local buyers and spinners, at each stage 
of the performance, have the matter in your own hands. 
If you will instill these principles into your own com- 
munity, I believe the warehousing and country damage 
problems are both solved. The warehousing is, to my 
mind, so obvious a necessity that there is no room for 
argument about it. (Applause.) 

Mr. McLester (Arkansas) : I am a cotton raiser and 
a cotton buyer. As both, I am guilty of both kinds of 
country damage, and I am very much interested in this 
discussion because I believe we are going to get some- 
where. I believe that results are going to come from this 
proposition. Now, I have the first bale of cotton that I 
bought this season on the platform at my station. It is 
not mine any more; I have consigned it, but it has been 
there all of these several weeks, nevertheless, exposed to 
the weather. I have got the bill of lading, but the propo- 
sition that I want to get at is this, that when that Com- 
mittee on Warehousing gets into its deliberations, I want 
them to offer some system by which we, as farmers, we, 
as local buyers, can remedy this evil. As a farmer, I 
want to eliminate that evil; as a local buyer, I want to 
eliminate that evil; but as a farmer, I cannot do it indi- 
vidually; as a local buyer I cannot do it individually, but 
if you will give me a system, as a farmer I will work 
with that system, and as a local buyer there would be 
nothing that would give me more pleasure or that would 
benefit me more than to work in some systematic way 
for eliminating country damage. The proposition that is 
before this body, or this Committee on Warehousing, 
is to submit some specific proposition of eliminating 
country damage. If there has already been some system 
suggested by any other body of men or group of men or 
organization, I hope that this Committee will take it into 
consideration, and I believe they will, with the ultimate 
purpose of bringing about a systematic handling and 
elimination of country damage. (Applause.) 

The Chairman: The Chair dislikes in any way to 
attempt to limit debate or bring this interesting dis- 
cussion to a close, but there are three other papers on 
important subjects, and unless there is some other gentle- 
man who has something important to say, the Chair will 
call upon Mr. W. S. Turner, of Little Rock, to speak on 
"The Transportation of Cotton." Mr. Turner is an 
expert on that subject, as he is Traffic Manager of the 
Arkansas Association. (Applause.) 

Mr. Turner: Transportation is an instrumentality by 
which there is moved some one or some thing some- 
where, somehow, sometime. Transportation is the agency 
which declares the democracy of the world, and compared 
with which there is no greater civilizing agency in the 
world. 

There is a story told of an old lady who one day climbed 
to the top of a rather big hill and, after viewing the land- 
scape, declared that she never knew before that the world 
was so large. Because of developed transportation we are 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 145 



frequently caused to exclaim how small the world is after 
all. By habit of use of the products of remote and foreign 
lands we now regard as necessities many things which, 
without modernized transportation, would be the rarest 
of luxuries. How little does the public appreciate how 
intimately we are concerned with transportation and its 
direct effect on our personal affairs, as well as on our 
business and on the prosperity of the country at large. 

I wish at once to indicate my attitude towards the rail- 
roads. I believe it is time to stop ridicule, adverse criti- 
cism and, perhaps, even abuse of the railroads, and put into 
practice the all-important principle of cooperation, and 
in this WcLV lend a hand towards securing for our business 
and our personal comforts those things which we have 
been trying to secure by opposition and antagonism. I 
believe the time has come when we should refuse to return 
to our state legislatures and to our national Congress 
men whose principal basis for re-election is that which 
they "did" to the railroads. I believe that we should 
especially discourage our state legislatures from indulging 
in regulatory laws governing transportation, when the 
effect of such laws directly interferes with interstate traffic. 
Ninety per cent of our traffic is interstate. This service 
however, is practically all subject to state laws and, not 
infrequently, to municipal regulations. It is hard to con- 
ceive how any business can be a success which has forty- 
eight regulatory bodies making rules or laws beneficially 
or adversely bearing on the welfare of the enterprise. A 
fight may be a good thing occasionally, but I believe we 
are all fed up on fighting just now, and in these early days 
of world-wide peace, better start the home fires burning 
and inaugurate cooperative and peaceful methods in our 
transportation and commercial affairs generally. 

what is this thing, "Cooperation," of which we hear so 
much today? It is applying to business methods the prin- 
ciple of the Golden Rule without always trying to "do" 
the other fellow first. It is using oil, instead of sand, as a 
lubricant. It is confidence, to the defeat of suspicion. 
It is belief, to the destruction of doubt. It is helping 
ourselves by helping others. It is the spirit which, in all 
friendliness, can point out a weakness or defect, and at 
the same time can suggest and help apply a remedy. It is 
good will towards all men which will bring peace on earth, 
glory to God in the Highest. It is constructive competi- 
tion which suggests friendship, rather than destructive 
competition, which suggests discord. 

We are in a new era of thinking and doing. The changes 
involve new terms with the new methods. "Coordination" 
is one of these, by the use of which term we camouflage 
the obnoxious "trust" of commerce and "unionism" of 
labor, and all are able to meet on a common basis of 
peaceful procedure, and because of the industrial peace 
which this insures, we have united into a cosmopolitan 
pact and move in unison toward the millennium. 

The various branches of organized labor are intelli- 
gently coordinating their affairs and are driving the dis- 
cordant Bolshevists back to the shores whence they came 
and, as their sea of despair closes over them, Miriam may 
again sing her song of triumph. Farmers and manufac- 
turers are conferring and coordinating their business ideas 
with excellent results. We now speak of the allied cotton 
interests, and mean by this the mutual affairs of the 
cotton planters, the cotton gins, the cotton compresses 
and warehouses, the cotton dealers, the spinners, and the 
all-important financiers. Railroads are coordinating their 
thoughts and efforts and facilities and, despite all that has 
been said in recent years to the contrary, transportation 
was never better than it is now, and has never gone back- 
ward one particle. We have better motive power, better 



cars, better roadbeds and steel, better terminals, better 
rules and regulations, and better men than ever before 
in the history of transportation; and all this in spite of 
forty-eight regulatory agencies apparently working to 
obstruct. If there is a single state which, by the sum 
total of its laws, has benefited either the railroads or its 
patrons, let it come forward with the proof. 

We believe there should be a governing power placed 
over the railroads both for their restraint and for their 
protection, and that this should be a well-ordered federal 
organization with duties and powers clearly defined by 
law. Probably the most intelligent organized body in the 
United States today is the Interstate Commerce Commis- 
sion, and we believe that the scope of its work should be en- 
larged and extended so as to cover the necessities. We 
believe that the state control of interstate common carriers 
should cease. We might have an Interstate Commerce 
Congress with one member from each state endowed with 
conference duties only, the Interstate Commerce Commis- 
sion to act as the Board of Directors with full executive 
power. While we are in the days of reconstruction and 
are accustomed to reforms, why not have our government 
establish a Department of Transportation and place the 
whole regulatory system of the common carrier within the 
jurisdiction of the Federal Government.? This would at 
least give a home to the Interstate Commerce Commission, 
and, to a large extent, remove the menace to its existence 
should Congress some time fail to make an appropriation. 

Most assuredly do we believe that the Interstate Com- 
merce Commission should have its powers enlarged. It 
should have power to initiate rates and rules of traffic, and 
should have power over minimum as well as maximum 
rates. With Interstate Commerce Commission control 
over minimum rates, we believe our inland and coastwise 
water transportation would be developed so as to become 
a fact instead of fiction. We believe that our rivers can be 
used for transportation and should be protected and used 
as such, and that, because of opportunities which they 
afford, they should not be used in forcing the railroads to 
make differential rates to river points and, by so doing, 
destroy our natural traffic highways, create preferential 
markets and force the railroads to become their own 
financial executioners. 

With a better-ordered and better-defined control of the 
railroads there is no necessity for other than private man- 
agement. The records of transportation, whether for 
success or failure, during the war period is no criterion for 
times of peace. Reference to such records may be unfair 
to the government and to the whole railroad crowd. A 
man may walk upright today and be utterly prostrate 
tomorrow. His disabilities may consist of dislocations or 
fractures, or may be due to a general breaking down of 
the system; either one is due to too much strain or crowd- 
ing. Should a man be condemned and be the subject of 
adverse criticism, because of the fact that in the face of 
insurmountable difficulties some part of his anatomy failed 
to function.? Men and machinery are wonderfully alike. 
The burden which was placed on transportation was simply 
beyond its capacity to accommodate and, like a stream dur- 
ing a freshet, it overflowed. That which the government 
did to relieve the condition was simply to put into effect a 
comprehensive embargo which morally and physically 
damned the flood and the trick was turned. 

We have passed a transportation crisis, such as no 
industry has ever before experienced. A retrospect of the 
past shows that there were some short comings — not as 
many, however, as men in their excitement believed. The 
final records of transportation during the war period will 
show one of the most wonderful accomplishments in con- 



146 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



nection with that historical event. Had it not been for a 
well-estabHshed and well-ordered transportation system, 
generally speaking, it would have been impossible to 
secure the recorded results. Our eyes are now open to the 
fact that honesty and patriotism have gone hand in hand 
with industry and that the railroad builders have done a 
wonderful thing for industrial America and for world-wide 
civilization. 

"And behold the Lord passed by, and a great and strong 
wind rent the mountains and brake in pieces the rocks 
before the Lord, but the Lord was not in the wind; and 
after the wind an earthquake, but the Lord was not in 
the earthquake; and after the earthquake a fire, but the 
Lord was not in the fire; and after the fire a still small 
voice." 

Based on a twelve million bale cotton crop, to transport 
this, including with the lint the seed, requires about one 
million carload units. In the transportation of cotton 
by rail there are two principal moves; from the country 
to the compress, and from the compress to the port if 
for export, or to final destination if domestic. In the first 
move the cotton is flat or uncompressed and weighs 
about I if pounds to the cubic foot. In the second move 
it has been compressed to a density of 22§ pounds or 
more to the cubic foot, if standard, or 33 pounds or more 
to the cubic foot if high densitied. This has reference 
only to the standard bale of cotton weighing about 500 
pounds, 27 inches wide, 54 inches long and, before being 
compressed, averaging about 50 inches high. 

Transportation of cotton by rail embraces much more 
than the two movements just referred to. Warehousing at 
point of origin and at the transit point is a distinctive 
feature and, because of the extraordinary damage caused 
by exposure during the 1918-19 season, this is now receiv- 
ing attention. Speaking for Arkansas, the compresses of 
our state now have an under-shed capacity for uncom- 
pressed cotton equal to two-fifths of a normal crop; and 
I believe that this is about representative of the South- 
western region, and perhaps of the South. Our compress 
system has a faculty of rising to emergencies and, in regard 
to insufficient warehouse capacity, we wish to offer the 
same advice that the nursery poet offered to Little Bo-Peep. 

To some who give thought to the present system of 
handling cotton our methods are primitive. Perhaps so, 
but in this respect it is a good deal like the good old 
religion which was good enough for our fathers, and is 
good enough for me. Here is a business which will not 
admit of much change. Improved methods of seed selec- 
tion and of farming are good. Methods of marketing 
admit occasional reforms, but the actual handling of the 
bale of cotton will not admit many changes, and we wish 
to predict that the high densitied bale idea is doomed 
except, perhaps, for export and we are not convinced 
about that. When we are able to load 37,500 pounds as a 
minimum of standard condensed cutton in a standard 
thirty-six foot box car, and lumber loading has a mini- 
mum of but 34,000 pounds, there is but little reason why, 
from a transportation necessity, there should be a call for 
high density. 

The actual transportation service directed to cotton 
may admit of some improvement. Railroads will not 
execute ladings on compressed cotton until loaded into 
the car and car numbers and initials are shown in the 
ladings. In the Southwestern region the cotton must have 
been examined by an accredited agent of the Western 
Weighing and Inspection Bureau, and his certificate is 
also necessary before ladings will be issued. These are 
modern reforms and are good. We are now seeking a 
ruling from the railroads to the eflfect that they will not 



issue ladings on cotton at country stations for compress 
or concentration points unless the cotton is loaded into 
the car and car number or billing reference is shown in 
the bill of lading. Anticipating a ruling to this effect 
we would ask all dealers in cotton to refuse to buy on 
country ladings unless billing reference is shown therein 
and, in this respect, follow a trading ruling now enforced 
in certain districts. 

There has always been agitation bearing on the marking 
of cotton but up until this season nothing definite has been 
determined. It is not a case of the shippers and carriers 
disagreeing, but all parties interested are trying to find 
some suitable, legible, permanent and reasonably inex- 
pensive mark. We need a system of marking which will 
readily identify the bale from country station to com- 
press, from compress to domestic destination or port, and 
from port to foreign destination. Here is a chance for 
someone to immortalize himself with the cotton industry, 
and besides, as Colonel Sellers would have said it, "There's 
millions in it" to the fellow who will get a copyright on an 
acceptable plan. 

We recently asked the Southwestern Regional Director 
for trainload service on our cotton — intact and con- 
tinuous movement from point of origin or convenient 
assembling point up to the farthermost point toward 
which the train can be so handled, and we now have this 
service at our disposal. At times of congestion of traffic 
this service should be invaluable. We tried this out on a 
shipment of 29,000 bales from one of our presses to an 
eastern destination, and had record of delivery of the last 
car of the movement before we could have secured delivery 
of the first car of the consignment under the single car 
plan. 

Just a word about rates and I am through. Rates on 
cotton are high, but I believe that our attitude toward 
rates should be to favor higher rather than lower rates, 
just so the parity is maintained. We believe that our 
charges for transportation should all be expressed in one 
through rate, and that this should be high enough to 
make our cotton traffic the most attractive of all com- 
modities to the carriers, and they should then yield us a 
service consistent with the charge. There is no doubt but 
that freight rates should be higher if we are to get the 
high character of service necessary to the economic con- 
duct of our business. 

On railroad coupon tickets there is an admonition, 
"Void if detached," and this is the relationship which 
commercial development sustains towards transporta- 
tion — "Void if detached." Next in importance to pro- 
duction is transportation, consistent with the adequacy 
of which are values to be determined of the thing to be 
transported. Distribution rectifies the law of supply and 
demand, therefore prices and values are governed almost 
entirely by transportation. The higher the character of 
the transportation service the better the price of the thing 
transported. We recently read an article in which the 
author desperately tried to reconcile cheap and adequate 
transportation. His effort was necessarily a failure 
because, in the language of the man at the circus, "There 
ain't no such animal." 

I believe the time has come when we should cease being 
interested in objects outside the car window when the 
ticket taker comes around, and maintain an attitude, 
towards the carrier, of being willing and ready to pay for 
the transportation which we need and demand. 

The Chairman: Are there any discussions, or questions 
which you would like to ask Mr. Turner.? If there is no 
discussion on Mr. Turner's paper, we will pass to the next 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 117 



subject, "The Insurance of Cotton." Mr. Milton Dar- 
jjan. of Atlanta, will handle this subject. (Applause.) 

Mr. Dargan : In accepting the invitation extended to 
me by the officers ot your organization to address you on 
the subject of Cotton Insurance, I realized that your 
members were, through long experience, well informed 
as to the various methods by which cotton may be insured, 
and that a detailed, elementary discussion of this phase 
ol my subject would be quite out of place. I am therefore 
led to a consideration of the more general aspects of 
insurance and of our relations with our patrons and with 
cotton interests generally. It seems necessary, however, 
to refer to the various classes of insurance required, in 
order that we may have this clearly before us in our 
consideration of the general subject. I am sure that the 
following sub-divisions will constitute a complete classifi- 
cation ot the risks to be covered, namely: 

1. In or near gins, or on plantations — ^ whether it be 
lint or baled cotton. 

2. In the local warehouse or yard in the smaller towns. 
Generally, these are comparatively small accumulations. 

3. In transit to interior points of concentration. 

4. In compresses or in warehouses of considerable 
capacity at interior points of concentration. Usually this 
risk is that of the shipper, of the railway under its bills 
of lading while in the compress, or of the compress com- 
pany itself, if it assumes the railway or storage risk. 

5. In transit to ports or to mill centers, in the United 
States, or Canada, and in warehouses after arrival, and 

6. At the ports, either in large warehouses or com- 
presses, or at the port terminals. 

The fire risk ashore ends when the cotton is loaded 
aboard ship for foreign destination. I will not attempt 
to deal with the subject as applied beyond the limits of 
this country. Similar problems doubtless exist or have 
existed in other countries, and the same methods will 
produce or have produced like results. 

Fire insurance companies are prepared to furnish 
indemnity under all the foregoing circumstances by means 
of policies or certificates covering the owners or their 
bankers in specifically named locations on which the 
premium is to be paid in advance, or for the railway 
company while the cotton is at their risk in transit, or for 
buyers or shippers who purchase over an extended terri- 
tory, the railway and buyers' risk being generally covered 
under open policies attaching wherever the cotton may be. 
Under these open covers the assured furnishes daily 
reports of liability and the premium is calculated on the 
daily average on hand, provision being made, however, 
for a minimum premium. The companies writing the 
marine insurance furnish the waterborne cover, their 
policies attaching to final destination. 

There seems, therefore, to be no legitimate demand for 
insurance which cannot be supplied readily under the 
present system, which system is the outgrowth of all past 
experience. 

Diflficulty in procuring sufficient insurance at congested 
points, due to the gradual increase in the number of bales 
stored subject to one fire (which condition became more 
and more acute during the ten or fifteen years preceding 
the war), arose even at the low price of cotton then pre- 
vailing; but the companies increased their facilities, 
largely through foreign treaties of re-insurance, and thus 
relieved the pressure. 

Since all demands for indemnity, both as to character 
and amount, have been met to the satisfaction of the 
trade, so far as the insurance companies are presently 
advised, and since they are prepared to meet further needs 
as they arise, what seems to be left for me to discuss 



today.'' The baling, compressing and shipping interests 
will all be represented before you, as will those who have 
suggestions for protecting cotton from weather damage 
and those who have new ideas as to dipping, tagging and 
other treatment that may be beneficial in one way or 
another. All this is of interest to underwriters, but it is 
not for me to stress the subjects which will be so well 
handled by those who have been selected to represent 
them. I will confine myself, therefore, to two Subjects: 

1. The cost of insurance, and the possibility of lower- 
ing it; and if we find that it cannot be lowered by the 
underwriters under present conditions — 

2. How can the cost be lowered in future, and how can 
cotton interests lend their aid in accomplishing this 
result ? 

The high cost of everything needed is the great disturb- 
ing factor in the world today. The supreme duty of 
everyone, therefore, is to reduce as far as possible the 
price of that which he has to sell. The insurance com- 
panies have realized this, and have also felt that any reduc- 
tion in their charges that seemed justifiable should be 
granted quickly. If all other interests should take a 
similar view and should act at once, an approach to a nor- 
mal basis of living would soon be realized. Long after 
the price of commodities of every kind, salaries of em- 
ployes, taxes, rents, and in fact everything entering into 
the conduct of their business had been advanced repeatedly, 
and after the expense ratio of the companies, keeping pace 
therewith, had increased proportionately, they added ten 
per cent to their premium charges, this addition to last 
during the period of the war, or longer if necessary. This 
was less, I am sure, than the advance made by any other 
business group. The increased volume of their gross pre- 
miums, due to rapidly advancing values, partially offset 
this and losses became less severe under the constant 
inspection and supervision of properties by the under- 
writers, fostered and encouraged by the United States 
Government. Under these favoring circumstances the 
companies, at the suggestion of several state officials, 
discontinued even that small additional charge on Sep- 
tember I of this yeai', and it is no longer applied. Is not 
this an indication to you of the fair attitude the com- 
panies are prepared to take on the general subject of 
rates .f' They can be depended upon, at any time, to reduce 
their rates when conditions justify or seem to demand 
such action, and I am sure they would wish me, as their 
representative, to stress this fact before you. 

The experience of the companies on cotton has not been 
altogether favorable for some time. The business had been 
conducted for many years on a fluctuating basis — • profit- 
able and lean years alternating — but immediately on the 
declaration of war in Europe cotton became a drug on the 
market, the price fell and the fire losses were staggering. 
This condition continued for three years through 1916. 
Many companies curtailed their cotton writings and were 
almost prepared to discontinue the business entirely. For 
the past two years, however, the business has shown 
marked improvement, but if we take the record for the 
past fifteen years the margin of profit is so small as not to 
warrant any present reduction, whatever we may find 
ourselves able to do if this good record continues. I am 
not trying to prove this to you by statistics, but this is a 
statement of fact that can be demonstrated to anyone 
who may be interested by records, which are accessible, 
of those companies that cooperate in our organizations 
through which statistics are available, and those outside 
are such a small factor in the business as to render it 
unlikely that their results would seriously affect the 
totals. 



148 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



The cost of insurance is not of special interest to cotton 
buyers, provided they are assured that their competitors 
are not obtaining an advantage in this respect, but it is of 
importance to the producer, since I think it is generally 
admitted that he must bear all costs attaching to cotton 
as affecting the price he receives for it. Unnecessary cost 
is, however, more a matter of public concern than of 
concern to. any individual. 

The value of the cotton crop is approximately one and 
one-half billions of dollars and while the amount of the 
premiums paid for fire insurance is not available as a 
whole, the best-informed undei'writers estimate it to be 
about ten or twelve millions of dollars. Approximately 
seventy-five cents per one hundred dollars of value is there- 
fore the annual insurance charge. Suppose it were possible, 
and I believe it is, to reduce this, even if not more than 
twenty cents per one hundred dollars of value. That 
would mean three million dollars per annum on the basis 
of a crop worth one and one-half billions of dollars. Cer- 
tainly this would seem to be worth while, and if it is, and 
if I have sufficiently indicated to you why the insurance 
companies cannot on present experience make the reduc- 
tion out of hand, we come on the second subject, since 
the question naturally arises, "How can rates be lowered 
if the business is not already more profitable to the com- 
panies than seems to be justified.?" The answer is simple: 
"Reduction of losses." This, from every standpoint — ■ 
saving to the producer, removal of danger of destruction 
to other property, lessening the adverse effect on the Com- 
monwealth of a property loss which is not replaced by 
insurance, and the conservation of cotton which is needed 
by the world — is a task worthy of our best cooperative 
methods. The saving of three million dollars or more per 
annum in insurance charges is but the least of these 
benefits. 

When I suggest the desirability of aid from cotton inter- 
ests by cooperation, the natural query will be, "How can 
this be brought about.?" 

I can best answer this by showing w-hat has already 
been done. Twenty-five years ago we had no large con- 
gestions of cotton in this country. Warehouses and yards 
were small and compresses (nearly all of the old open 
type with a shed over the machinery only) rarely handled 
more than 3,000 to 4,000 bales at one time. Terminals 
were not large and but little exposed by each other, and 
an aggregation of more than 10,000 bales subject to one 
fire, at ports was unusual. Cotton was worth not more 
than $50 per bale and the total crop was not more than 
seven or eight million bales. Under those conditions a loss 
of more than $200,000 by any one fire was a rare occur- 
rence, whilst the loss of a million dollars w^as deemed an 
outside possibility, and then only by the burning of more 
than one risk. The business was profitable to the under- 
writers at rates lower than those that are now prevailing. 

The annual crop began rapidly to increase, however, 
keeping pace with the fast-growing population and wonder- 
ful development of the South — amounting in one year to 
more than sixteen million bales. The world constantly 
called for more and more cotton, the price advancing to 
$75 per bale under normal conditions. 

Additional compresses and warehouses were built but 
not nearly enough, and the concentrations, therefore, 
became greater and greater. The compresses, driven by 
competition with each other and their keen desire to com- 
press a larger and still larger volume, granted the use of 
their premises for storage at a nominal charge, or fre- 
quently without charge, in order to induce the shippers to 
patronize them. They thus became warehousemen rather 
than compressors of cotton, and when the compress thus 



became congested the overflow went into yards surround- 
ing the compress without clear spaces, exposed by rail- 
road tracks, and without fire protection. The buyers 
used the compresses as points of concentration, having 
open policies covering the cotton wherever it might be 
and for practically unlimited amounts. The risk on shore 
largely drifted to the marine companies who accepted the 
land risk in order to control the ocean risk. The marine 
companies made no distinction in rates as between points 
of storage. Whether the buyer handled his cotton in such 
compresses as I have described or in good warehouses, the 
charge was uniform. No pressure was brought to bear 
on the compresses or warehouses to bring about improve- 
ments except in a minor way by the fire insurance com- 
panies whose rating schedules still contained charges for 
deficiencies; but under the system prevailing their poli- 
cies were in demand for small owners only and but little 
attention was paid to their suggestions. 

Under these conditions, compresses ordinarily had 
stocks of 8,000 to 10,000 bales and frequently 20,000 to 
30,000 and in several instances as high as 50,000 bales, 
subject to one fire. Losses became more frequent, as a 
natural consequence, and the average loss was vastly 
larger; Houston, Texas, for instance, having one fire 
which destroyed over 50,000 bales worth approximately 
four million dollars. At the principal ports of Galveston, 
Savannah, New Orleans and Norfolk, as well as at smaller 
ports, the same conditions called for extended wharf facili- 
ties. Nearly all additions were of frame construction 
seriously exposing each other, thus producing possibili- 
ties of a loss of from 60,000 to 300,000 bales by a single 
fire. I imagine that statement will be questioned, but 
several years ago on the front at Savannah and at Gal- 
veston, you could walk for a mile and a half over bales of 
cotton without ever getting off of the cotton itself. I am 
prepared to substantiate that if any one is disposed to 
question it. Insurance rates were advanced but were not 
sufficient to meet the increased losses. All interests 
realized that something had to be done. An organization 
of fire insurance companies became necessary because of 
the complaints of the owners of compressors and ware- 
houses as to the conflicting suggestions of individual com- 
pany inspectors looking to desired improvements. They 
wished to deal with one inspector or one architect or 
engineer representing all insurance interests. They were 
manifestly correct, and an organization was formed and 
immediately set for itself the task of improving risks. It 
met with opposition from a few companies who contrib- 
uted nothing of brains to solve the difficulties nor of 
money to employ expert advisers. They continually 
offered more liberal terms in an effort to get the business, 
not apparently realizing that they would suffer loss under 
existing conditions. Fortunately but few of the important 
cotton merchants forsook their older and longer tried 
friends, and we are glad to say that they came to believe 
that which we already knew, that unless they helped to 
better conditions, no permanent improvement could be 
brought about and therefore the rates, even of cut-rate 
companies, would necessarily advance. The cotton inter- 
ests similarly found in their ranks those who were willing 
to grasp the shadow, not realizing that they were losing 
the substance. Nevertheless the organization referred to 
conferred with the marine companies, the warehousemen, 
owners of compresses, wharf companies and railroads and, 
in short, with all interests that recognized the need of the 
hour, and the result was that compresses and warehouses 
were graded on their merits and rated accordingly. The 
owners, finding it to their interest in many ways, including 
a reduction in insurance rates, subdivided them by means 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 149 



of fire walls into conipartnicnts holcling not over 5,000 
bales, and many warehouses were subdivided into com- 
partments of far less capacity. 1 be warebouses were 
better built, many ot tbem of fireproof construction and 
equipped with automatic sprinklers for which the rates 
became nominal. The South Memphis Warehouses, the 
Candler Warehouse in Atlanta, the new Moody and 
Kempner Warebouses at Galveston, the Dock Board Ware- 
houses at New Orleans, two or three of similar construction 
at Houston, one at Savannah, two at Augusta, and many 
others, may be cited as illustrations of the result of coopera- 
tion between all interests followed by materially lowered 
insurance rates. Wharf and railway properties have un- 
dergone similar improvement and present no such possi- 
bilities of a conflagration as those to which I have referred. 

During the war, the United States Government called 
upon the underwriters to help in the conservation of cotton. 
We responded to the best of our ability and had the 
unfailing cooperation of the cotton interests. The govern- 
ment has recently adopted a standard for bonded cotton 
warehouses and has passed an Act to govern their opera- 
tion. Many of the States have passed Warehouse Acts 
looking to better construction and administration, but 
some of them seem to lack somewhat in provisions that 
would enable the state authorities to bring them up to the 
government standard. Large interests are now engaged 
in the construction or acquisition of warehouses at all 
important points in the South. 

This is but a brief history, of the cooperative efforts 
that have but fairly begun. The result is apparent in the 
decreased losses of the past two years. Let it continue 
and rates must come down. Whatever may be said by 
those not informed, rates of insurance companies have 
always risen or fallen with the rise or fall of the losses. 
No agreement to maintain rates can stand against this 
natural law of cause and effect, nor do we wish it. We 
prefer a profit on the smaller volume of good business pro- 
duced by low rates to a loss on a large volume of bad 
business at high rates — just as each of you would in 
your own business. Whilst the larger income reduces the 
overhead expense, this does not always make good the 
loss if the business be bad. 

I stated that there was a possibility of saving three 
million dollars per annum if the average rate be reduced 
twenty cents per hundred dollars of value. It may be 
reduced still further, but if we assume that only three 
million dollars can be saved, that would represent at 5 per 
cent the annual interest on sixty million dollars. From 
the standpoint of interest earnings alone, then, it would 
seem that the owners of cotton properties could afford 
to spend sixty million dollars in order to effect such a 
saving. But the conservation of property, rather than 
any possible saving in insurance charges, is the stronger 
argument. Our government wants it, we all want it, 
excepting alone the man who draws profit from misfor- 
tune, and he is not to be considered. 

May I bespeak the continued and increased cooperation 
of each of you with the underwriters in order to bring 
about better conditions of handling the crop.'' Let's 
improve the gin, the small warehouse, the large warehouse, 
the compress, the railroad and steamship terminals. 
Let's limit the congestion in so far as it can be done 
without increasing too much the cost of handling. Let's 
have better baling of cotton, less exposure by sparks and 
to weather, less waste. In short, there is no line of en- 
deavor, looking to conservation of cotton and a better 
and more friendly attitude between the cotton interests 
and the underwriters, to which we will not lend our very 
strongest sympathy. 



Someone recently said, 1 think at a meeting of the 
United States Chamber of Commerce, that fire insurance 
held aloof from other businesses or professions and played 
" a lone hand." No executive of these institutions desires 
this condition to exist and, if it be even partially true, 
we wish emphatically to reverse our position. If we have 
been remiss in the past, or if all fire insurance has suffered 
the implication because of the attitude of a few, which I 
think may be the case, those of us who believe that 
organization and cooperation are necessary, not only in 
but betzveen all businesses and professions, in order that 
the world may not remain longer in a chaotic state, 
promise you our full and active support. Our efforts do 
not lie alone in collecting premiums, as may be assumed 
from the charge of "playing a lone hand." In our gen- 
eral business, as with cotton, our greatest efforts are 
exerted in reducing the fire waste — a government duty, 
it seems to me, but a duty that has been left largely to 
underwriters until within the past few years. The states 
are now, most of them, active in assisting us. 

In laying our rates we offer strong inducements for 
improving risks and lessening hazards. We maintain 
inspection bureaus to search for and point out defects,,' 
engineering departments to suggest standards for con- 
struction and equipment, and scientific research depart- 
ments to discover causes of fires in processes of manufac- 
ture and in the storage of property, and in the testing 
of materials and protective devices. The organization 
maintained by us was tendered in its entirety, with the 
service of all our special agents, to the government when 
war was declared, was accepted by them, and we have 
their testimony as to the valuable work done without 
cost to the government. We do not "play a lone hand," 
but I fear we have been too modest and have not let the 
business community know this as well as we do. I am 
therefore now telling you this that each of you, and every 
property holder, may have the benefit of our counsel as 
never before. A practical letter addressed to the National 
Board of Fire Underwriters, in New York, will receive 
instant attention and place you in touch with the par- 
ticular department which you should consult. 

May I say a further word as to the future of your busi- 
ness and ours.? The world has become our market. This 
country can no longer live to and within itself. Our ships, 
our merchants, our manufacturers and our cotton men 
must all expand their trade. Banking and insurance 
must go hand in hand with you, for without either your 
efforts will shrivel and die. American insurance com- 
panies must follow commerce and will enter foreign coun- 
tries in which they have not heretofore operated. Foreign 
companies, who have hitherto enjoyed a monopoly of the 
business, will strive to retain it. It will not be "handed 
over on a silver platter." That would be philanthropy — 
not business. But I am sure that a hearty welcome and 
a fair field will be given them, and there will be no dearth 
of insurance to protect your adventures in whatever 
country they may lead you. 

Finally, I would suggest that as we have set up our 
committees to act with cotton conferences, that wherever, 
in this country or in the larger field, we may need each 
other, we may receive from you, in similar measure, that 
full cooperation which we here promise for ourselves. 
Our mutual efforts must be crowned with a success that 
will not be selfish but will prove beneficial to every interest. 

The Chairman: Does any delegate wish to ask Mr. 
Dargan any questions.'' The Chair would like to ask him 
something. 

Mr. Dargan: With pleasure. 



150 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



The Chairman: As spinners, we always carry a 
blanket policy and I have often wondered how the under- 
writers determine at what point the cotton ceases to be 
the property of the concentrator, and becomes the property 
of the mill. How do you determine where title and 
ownership pass? 

Mr. Dargan: Those things are generally determined 
by the law of delivery at the point where the cotton hap- 
pens to be. That is about all I can say. The question of 
delivery is not one that is universally settled, so that it 
can be applied at one place exactly the same as at another. 
There are varymg local customs as to delivery. But if we 
insure any cotton, as long as it is at your risk, I do not 
see how we can go any further. 

The Chairman: When we receive it, it is insured until 
it enters our warehouse, but, for instance, we buy cotton 
and we are in receipt of a bill of lading, and sometimes 
three or four, covering lots from different lots, and I 
wonder where that cotton really ceases to become the 
property of the person from whom we bought.? Was it 
the delivery of the bill of lading, drawing of the sight 
draft, or what, that determines the delivery from seller 
to buyer and that passes title? 

Mr. Dargan: I can only say that it is determined 
differently at different places, but if you are protected 
frotn the time the cotton becomes at your risk until it 
ceases to be at your risk, it seems to me the question of 
delivery would settle whether it was your loss, or the loss 
of the man who sold you the cotton. There are some- 
times little disputes, but they are generally settled by 
amicable compromise. There is some little margin, I 
suppose, for difficulty, but I don't think you will have 
very much trouble on it. You never have had any 
practical trouble? 

The Chairman: No. 

Mr. Dargan: And I don't think you ever will. 

The Chairman: Any further questions? Our next dis- 
cussion is on the subject of "Warehouse Receipts and 
Cotton Loans." A gentleman who was formerly a banker 
in Texas will speak to you on that subject. He made such 
a success in Texas that the long arm of New York reached 
out and stole him, and he is now an official of the Guar- 
anty Trust Company, of New York City. I present to 
you Mr. J. Howard Ardrey. 

Mr. Ardrey: I am much obliged to the Chairman for 
promoting me from a position with the National Bank of 
Commerce of New York to the Guaranty Trust Com- 
pany. It is an honor I hardly expected, but one which, 
nevertheless, I appreciate. I am more grateful, how^ever, 
for the introduction as coming formerly from Texas, 
because possibly it gives me a better standing with you 
as to my information on this subject, and saves me from 
the suspicion that I am like the New York banker, a 
friend of mine, who thought they made everything out of 
cotton, and asked me if a cotton gin was a kind of a 
drink. 

Cotton, by reason of its natural resistance to physical 
deterioration and its ready marketability, constitutes an 
exceptionally satisfactory basis for the extension of 
credit. Its important position, not only among principal 
agricultural products, but also in our domestic industry 
and foreign commerce, renders its orderly and effective 
movement from plantation to finished product particu- 
larly essential. Hitherto, however, the want of adequate 
credit facilities for financing the legitimate holding of 
cotton in the South, due largely to a lack of sufficient 
warehousing facilities, has tended to prevent the orderly 
marketing of cotton, and to cause its dumping on the 



market almost as rapidly as it could be picked and 
ginned. 

The situation has been potentially improved by the 
inauguration of the Federal Reserve system, with its 
development of an open discount market and of the use 
of bankers' acceptances. Hitherto, cotton financing has 
been to a great degree localized. Its burden has been 
concentrated in the Southern banks with only limited 
assistance from the outside. Cotton requirements did not 
participate in the credit resources available in the general 
discount market. Such financing as was not done by 
Southern banks in the immediate locality of the borrower 
has been cared for directly by banks in large centers in 
the East. Credits extended on the cotton have been by 
means of ordinary notes, held by the lending institution 
without being offered for sale in the open market. Such 
an offer to sell, indeed, would be regarded as an evidence 
of the weakness of the offering bank. As a matter of 
fact, such promissory notes, because of their lack of 
uniform quality, were not suitable for ready sale in the 
open market. 

Bank acceptances do possess uniform high quality, and, 
contrary to promissory notes, are intended to be and can 
be sold readily in the open market. Their employment, 
therefore, serves to equalize the heavy requirements of 
one section with the abundance of credit available in other 
parts of the country. Use of the bank acceptance is the 
only method by which open market money can be brought 
to the cotton industry in the South. But the advantages 
accruing from its use — more adequate credit and cheaper 
money — may extend to all of the parties interested in 
the cotton, whether grower, factor, exporter or Northern 
spinner. Moreover, what is a practical necessity in the 
present international situation, the carrying of cotton in 
this country for the account of European spinners for for- 
ward shipment, rather than its exportation as rapidly as 
ginned, will be facilitated. 

Under the provisions of the Federal Reserve Act, every 
member bank is authorized to "accept drafts or bills of 
exchange drawn upon it . . . which are secured at the 
time of acceptance by a warehouse receipt or other such 
document conveying or securing title covering readily 
marketable staples." The principle of extending credit 
on the security of non-perishable and readily marketable 
commodities is beyond question. The accepting bank, 
however, is granting its credit on a commodity which it 
cannot in the nature of things itself store, protect, or 
even inspect. The receipt, issued by the warehouse which 
does have the safekeeping of the commodity, represents 
that commodity to it and constitutes its security for the 
credit extended. In a word, for the commodity itself 
there is substituted the acknowledgment and the promise 
of the warehouseman, and on this the accepting bank 
must rely. The vital importance of the character of the 
warehouse receipt is evident. Before banks generally can 
possibly afford to undertake the granting of cotton credits, 
they must be assured of the quality of the receipts which 
are back of the credits. As a matter of fact, warehouse 
receipts hold this fundamental position irrespective of the 
method by which credit is granted or the party to whom 
it is extended. A warehouse receipt covering cotton is one 
of the best and most acceptable forms of collateral if it is 
issued by a warehouse of established responsibility, but if 
there is any reason to doubt the reliability of the ware- 
house or its general business policy or the methods pur- 
sued in the issuing of receipts and the keeping of records, 
the receipts from the banker's standpoint are worthless as 
collateral. 

The fundamental difficulty in the way of developing 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE L51 



methods whereby credits may be freely available for cotton 
financing is the ab olute lack of any uniform standard ol 
quality in warehouse receipts. \\ hen a banker is asked to 
grant credit on commodities covered by railroad or ship 
bills ol lading, he can readily form a judgment on the propo- 
sition because such documents to a very great extent are 
of uniformly higii standard. With respect to warehouse 
receipts this is not true. Unless a banker is located in 
the same community as the warehouse or has by close 
study become thoroughly familiar with local conditions, 
he is not in a position to formulate a reasoned judgment 
with respect to the loan. 

In a measure, this lack of uniformity is the necessary 
result ot the situation of the warehouses themselves. 
There must be, naturally, a wide scale between the receipt 
of the great state-controlled warehouses in the Port of 
New Orleans and the receipt issued by a cotton yard in a 
country town. 

The situation, however, involves the character of the 
various warehousing laws of the cotton-producing states. 
It will facilitate the discussion of the banker's attitude 
with respect to loans on warehouse receipts to review 
briefly the different types of laws which are concerned 
with warehousing and the issuance of receipts. These 
laws have been grouped roughly as follows: general ware- 
housing laws, uniform warehouse receipts laws, laws pro- 
viding for state-operated warehousing systems, laws 
providing for state-supervised systems, and the Federal 
Warehouse Act, providing for Federal supervision. 

As to general warehousing laws, their most striking 
characteristic is their lack of uniformity. In some states 
there was practically no statute law, and reliance was 
placed entirely on common law and the law merchant. 
In other states, fairly elaborate statutes had been adopted. 
In general, any depositary for hire was recognized as a 
warehouseman and there was no definition of what a 
warehouse must be. Neither was there any public super- 
vision of the conduct of the business, although in some 
states the obtaining of a license and furnishing of bond 
was required. The issuance of negotiable receipts was 
usually provided for by law, but the provisions varied 
widely with respect to the form and negotiability of the 
instrument and the liabilities of the issuing warehouse. 

To remedy the chaotic situation, the measure known as 
the Uniform Warehouse Receipts Act was in 1906 drafted 
by the Commissioners on Uniform State Laws. This 
measure is analogous in many ways to the well-known 
Uniform Negotiable Instruments Law, which was drawn 
to correct a similar situation with respect to notes, drafts 
and checks. This measure has been adopted by a majority 
of the states in the country, and among the principal 
cotton states, by Alabama, Florida, Louisiana, Missouri, 
North Carolina, Tennessee, Texas and Virginia. Its essen- 
tial provisions have likewise been incorporated in the 
Arkansas law. The Uniform Warehouse Receipts Act 
defines the essential terms which must be included in 
warehouse receipts and prohibits the inclusion of terms 
impairing the liability of the issuing warehouse. It makes 
definite the obligations and rights of warehousemen under 
their receipts, prescribes conditions for the negotiation 
and transfer of receipts, and provides penalties for viola- 
tions of Its essential requirements. 1 he law is a most 
decided improvement over prior statutes, none of which 
had covered the field with nearly the same thoroughness. 
Furthermore the law increases in value many fold as it 
becomes in fact the uniform law of all states. It must be 
noted, however, that this law does not cover the entire 
warehousing situation. It is in fact what its name implies, 
a warehouse receipts law, and not a warehousing law. 



That is, it is concerned primarily with the form and con- 
tent of the receipt and with its negotiation or transfer, 
rather than with the business policy or practice or respon- 
sibility of the concern which issues it. It does not define 
what a warehouse is nor provide for any public supervision 
or examination of warehouses. Its conditions can be met 
with equal facility by the warehouse which affords the 
most elaborate protection to commodities in storage, and 
by the warehouse consisting of no more than a fenced-in 
plot of ground. 

The third type of law, of which examples are North and 
South Carolina and Georgia, provides for the development 
of state-operated or controlled systems of warehouses. 
The essential purpose is the provision of better storage 
facilities in primary markets. These laws in general pro- 
vide for the appointment of a state official in charge of the 
system, and empowered to lease, buy or build warehouses, 
or to license existing concerns, and to appoint local man- 
agers for such warehouses who shall operate them under 
his supervision and control. This state office is respon- 
sible for their proper conduct, for the keeping and preser- 
vation of necessary records, and for the protection of 
goods stored. He approves the form of receipts, which are 
issued under the seal of the state, and which, in North 
Carolina, vest title absolutely in the holder. Licensed 
graders and weighers are provided for, and within limits, 
classes and grades of cotton may be guaranteed. Insur- 
ance is required. The state official is also required to 
assist depositors in securing loans on their cotton or in 
disposing of it. Existing warehouses may become mem- 
bers of the system by taking out a license and operating 
under the direction of the state, or they may continue to 
operate independently. Because of the recent enactment 
of the laws, as well as of lack of funds, none of these 
state-operated systems, so far as could be ascertained, are 
yet in effective operation. 

In this connection reference should be made to the great 
warehouses in New Orleans owned by the State of Louisi- 
ana and operated by the Commissioners of the Port of 
New Orleans. These warehouses constitute a special case, 
originating by reason of the state's ownership of the Port's 
harbor frontage, and forming a part of the admirable and 
comprehensive program of port development which the 
city and state are working out. 

The fourth type of law, embodied in Texas and Arkansas 
statutes, provides for state supervision of privately owned 
warehouses. Both of these statutes contemplate the 
organization of cooperative warehouses, of which at least 
60 per cent of the stockholders must be engaged in agri- 
culture or similar pursuits. These warehouses are bonded 
to the state in proportion to their capacity or contem- 
plated business, for the purpose of guaranteeing, within 
limits, classifications, weights and grades. The coopera- 
tive associations are under the close supervision of, subject 
to examination by, and make reports of condition to, a 
state warehousing board or commission. The earnings of 
the associations, after payment of dividends and the 
setting aside of a percentage to reserve, are to be dis- 
tributed to members in proportion to the business they 
transact with the association. The state board regulates 
storage charges and conditions of storage, as well as the 
form of receipt issued, the terms of which conform closely 
to those prescribed by the Uniform Warehouse Receipts 
Act. The associations may make advances on commodi- 
ties stored, or, to members only, on their chattel mort- 
gages. The law also provides for the licensing and bonding 
of ginners to insure an honest pack. Existing warehouses 
may come into the system, provided they conform to the 
provisions of the law and become in fact mutual or 



152 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



cooperative associations, or they may continue to operate 
independently. Under Texas laws, all public warehouses, 
whether cooperative or not, appear to be subject to state 
examination; in Arkansas, apparently only those created 
under the cooperative warehousing law are under public 
supervision. 

The fifth type of statutory provision is the Federal 
Warehouse Act, passed in 1916. This law empowers the 
Secretary of Agriculture to license warehouses, provided, 
after investigation, they are found suitable for storage of 
commodities. Warehouses are to be classified according to 
location, surroundings, and conditions, and the Secretary 
has formulated three such classes, based on the unen- 
cumbered assets of the concern, the degree to which it 
guarantees its statement of grade, weight and condition 
of cotton, and the character of its construction and protec- 
tion against fire. Licensed warehouses are bonded to the 
United States and must conform to regulations promul- 
gated by the Secretary of Agriculture covering the care of 
cotton, adequate accounting and the preservation of 
records, insurance, and similar matters of business prac- 
tice. They must make detailed reports when called for, 
and are subject to examination at any time. Licenses may 
be suspended or revoked if it be found that unreasonable 
or exorbitant charges have been made for services ren- 
dered. The licensing of competent classifiers and graders 
is provided for. The issuing of receipts is under regulation 
by the Government and the terms and conditions under 
which they may be issued conform to the essential provi- 
sions of the Uniform Warehouse Receipts Act. Member- 
ship in the system is entirely voluntary and the law stipu- 
lates that its provisions are not to be construed to interfere 
or conflict with state laws. Thus far no more than half a 
dozen warehouses have been licensed under the Federal 
law and applications from about seventy are on file. 

The Federal Warehouse Act, it should be noted, does 
not in itself cover the whole warehousing situation any 
more than does the Uniform Warehouse Receipts Act. 
As the latter is concerned primarily with the form and 
content of receipts, the obligations assumed by ware- 
housemen, and the conditions of negotiation and trans- 
fer, so the Federal Warehouse Act is concerned primarily 
with warehousing methods, practices and conditions. The 
terms under which receipts are issued are essentially the 
same in both acts, but they deal with the situation from 
different aspects. In fact, the two laws are essentially 
complementary; and not conflicting. Were both laws 
generally efi^ective, the problem of the character of ware- 
house receipts would be solved. 

Having reviewed the several types of laws aff'ecting 
warehousing, it becomes possible to consider the specific 
qualities which the warehouse receipt must possess to 
make it, from the banker's point of view, a suitable basis 
for the granting of credit, as well as the application of the 
laws to these points. 

On receiving a request for a loan against cotton, if satis- 
fied as to the responsibility of the borrower himself, the 
banker's first concern is with respect to the character of 
the warehouse in which the cotton is stored. The cotton 
must be in the hands of a reliable warehouseman. More- 
over, the warehouse must be mdependent of the borrower 
so that the latter cannot, while the receipt is outstanding 
in the hands of a third party, obtain control over the 
goods covered by it. This matter is essential. Its impor- 
tance is indicated by the fundamental rule adopted by the 
Federal Reserve Board of permitting member banks to 
accept against goods in storage only on condition that the 
warehouse is independent of the borrower. 

Furthermore, storage conditions should be such that 



the cotton is protected from deterioration by exposure, 
as well as from depredation or other loss. Moreover, the 
keeping of an adequate, though not elaborate, system of 
accounts and records which show definitely the amounts 
of cotton received, delivered and on hand, is essential; 
and these records should be preserved m such a manner 
as to obviate their destruction by a fire which might con- 
sume the warehouse itself. In a word, the banker's first 
consideration is, that the cotton against which he loans 
shall be in the care of a reliable and independent concern, 
the business policies and practices of which are sound, and 
which aff"ord adequate protection to the commodities 
stored. 

It is of course impossible to compel reliability and 
responsibility by statute. The warehouseman's business, 
however, in view of the extent to which his certificates 
become the basis of national and international financing, 
is charged with public interest and may fairly be subject 
to public supervision and examination. Such supervision, 
which would be of material assistance in improving the 
business practices of warehouses, is now lacking. The 
warehouse laws of Texas, as amended in 1913, do provide 
for state examinations of condition and for state regula- 
tion of records and receipts. Likewise, the cooperative 
warehouses authorized under Texas and Arkansas laws, 
and the state-operated systems of North and South Caro- 
lina and Georgia are publicly regulated. The number of 
warehouses thus included and the volume of cotton 
handled, however, is as yet almost negligible. With these 
exceptions, so far as can be ascertained, state laws do not 
provide for public supervision or regulation, nor does the 
Uniform Warehouse Receipts Act attempt to regulate 
the actual conduct of the warehouseman's business. As 
regards the vast majority of warehouses, methods and 
practices are left at the option of the warehouseman; and 
the laxity which frequently characterizes such methods 
and practices is a matter of common knowledge. The 
Federal Warehouse Act provides an admirable system of 
licensing and supervision of warehouses, the adoption of 
which generally would go far toward remedying the lack 
of uniform quality in warehouse receipts. As noted above, 
however, not more than half a dozen cotton warehouses 
are thus far included within this system. 

With respect to the conditions under which the cotton 
is stored, the situation is similar. So far as can be ascer- 
tained, there is only one state law which provides what a 
warehouse is. That is the law of Texas, but its provisions 
are too broad to afi^ord protection as it even provides 
that a warehouse may be "a. lot or parcel of ground 
enclosed with a lawful fence, the gates or entrance to 
which shall be kept securely locked at night." A banker 
surely is justified in desiring to know whether the receipts 
on which he is advancing cover cotton standing in such a 
warehouse or cotton adequately protected from rain, mud 
and depredations. 

The Uniform Warehouse Receipts Act limits the lia- 
bility of the warehouseman to any loss or injury to the 
goods caused by his failure to exercise such care as a 
reasonably careful owner of such goods would exercise. 
This also is the common law doctrine. On this point, 
however, as on others connected with the general con- 
duct of the warehousing business, receipts of concerns 
licensed under the Federal Act would aff"ord the greatest 
assurance, because it stipulates that the warehouse must 
have proper storage facilities before receiving its license. 
That the warehouse be independent of the borrower is of 
course a matter which cannot be safeguarded by law. 
Both the Uniform Warehouse Receipts Acts and the 
Federal Warehouse Act stipulate, however, that if the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 153 



receipt is issued tor goods of which the warehouseman is 
owner, either solely or jomtly, or in common with others, 
the receipt must hear on its face the fact ot such 
ownership. 

The second point on which the lending hank desires 
assurance is that there actually is cotton behind the ware- 
house receipt; that cotton was deposited in the warehouse 
before the receipt was issued; that it will not be delivered 
except on surrender of the receipt; that when the receipt 
is surrendered it will be canceled beyond possibility of 
re-issue; and that duplicates, if issued, will be plainly 
marked and will be issued only on proof of loss or destruc- 
tion of the original and then only provided the recipient 
furnishes adequate security for the protection of innocent 
holders of the original. 

A receipt which states that the delivery of the cotton is 
contingent on the surrender of the receipt "or a dupli- 
cate" is valueless as collateral, because a bank, as respects 
the average warehouse, would have no way of knowing 
whether a duplicate had been issued. On these points the 
Uniform Warehouse Receipts Act makes the issuance of a 
receipt for goods not actually received, or the issuance 
of a receipt containing false statements, or the delivery of 
goods without surrender of the negotiable receipt, a criminal 
offense. It also makes criminal the issuance of a dupli- 
cate receipt which is not plainly so marked, although it 
does not, as does the Federal Warehouse Act, require the 
furnishing of security by the person to whom the dupli- 
cate is issued. Under the Uniform law, if the warehouse- 
man fails to take up and cancel a negotiable receipt on 
surrender of the goods, he is liable to any holder of the 
receipt in good faith for failure to deliver the goods to 
him. Furthermore, the law provides that if a part of the 
goods is delivered, either the receipt must be plainly 
marked, or canceled, and a new one issued to cover the 
balance of goods still in storage. 

With respect to states which have not adopted the Uni- 
form law, in some there are statutory prohibitions and 
penalties covering these points, but in other states no 
statutory provisions have been enacted regarding them. 
Furthermore, the laws of certain states which have not 
the Uniform Act, for instance South Carolina, permit 
the delivery of goods by a warehouseman without sur- 
render or cancellation of receipts, if the property is claimed 
or taken under legal process. On this point the Uniform 
Warehouse Receipts Act stipulates that when goods are 
delivered to a warehouse by the owner, or by anyone 
whose act would bind the owner, and a negotiable receipt 
is issued for them, the goods cannot be attached or be 
levied upon unless the receipt is first surrendered. In no 
case is the warehouseman compelled to deliver the goods 
until the receipt is either surrendered or impounded by 
the court. 

Third, the bank, lending against receipts must have 
assurance as to its title to the cotton pledged. If there are 
landlord or labor or other liens outstanding, which take 
precedence over its own rights as holder of the receipts, 
the bank certainly ought to be aware of the situation. 
One of the most serious difficulties which banks, particu- 
larly those in the North which are not in close local touch 
with the situation, have found in the way of loaning freely 
against cotton receipts is that they have never been able to 
ascertain exactly what title to the cotton they had. 

As long as the priority of landlord and labor liens is 
recognized, there seems to be no practicable method by 
which absolute and unimpeachable title to the cotton can 
be vested in the holder of the warehouse receipt. The 
North and South Carolina laws providing for state- 
controlled warehouses, it is true, attempt to meet the 



difficulty by stipulating that the "receipt carries absolute 
title to the cotton," making it the duty of the manager 
of the warehouse before accepting cotton for storage to 
ascertain whether there are any crop mortgages or rent 
or labor liens outstanding against it. 

In general, however, it is true that the holder of a 
receipt is subject to prior liens, and uncertainty as to their 
nature and extent increase the banker's hesitancy in 
accepting receipts as collateral, even though in practice 
the actual losses from defective title by reason of such 
liens have been comparatively small. 

The Uniform Warehouse Receipts Act provides that a 
person to whom a receipt has been negotiated acquires 
such title as the person negotiating the receipt to him had 
or had ability to convey to a purchaser in good faith, and 
also such title as the depositor had or had ability to con- 
vey, as well as the direct obligation of the warehouseman 
to hold possession of the goods for him according to the 
terms of the receipt as fully as if the warehouseman had 
contracted directly with him. The Act endeavors to 
secure to the holder at least the knowledge of the nature 
and extent of prior liens, by making it a criminal offense 
for a person to deposit goods on which there is a lien or 
mortgage or to which he has not title, taking therefor a 
receipt and negotiating it for value with intent to deceive 
and wathout disclosing his want of title or the lien or 
mortgage. The laws of Arkansas and Texas authorizing 
cooperative warehouses provide that when cotton grown on 
rented or leased ground is tendered for storage in such 
warehouses, the receipts must be issued jointly in the 
name of the tenant and landlord showing their respective 
interests, unless the person tendering the cotton for stor- 
age presents authority from the other party interested, 
requesting the issuance of the receipt in the name of the 
one or the other. 

In this connection, the lending bank should have specific 
information with respect to the warehouseman's claims 
on account of any advances to the depositor or charges 
other than the usual storage charges. The Uniform Ware- 
house Receipts Act as well as the Federal Warehouse Act 
stipulates that if the warehouseman claims a lien on 
account of such advances, the amount thereof must be 
stated on the receipt, or if the precise amount is not 
known to the warehouseman at the time the receipt is 
issued, the fact that advances have been made is suffi- 
cient. The banker, however, should have specific infor- 
mation on this point and must ordinarily reject receipts 
which are issued subject to "all advances" unless the full 
amount of the advance is stated on the receipt. 

In the fourth place, the receipt should afford the bank 
some reasonable basis for estimating or checking the 
value of the cotton on which the loan is made. For this 
purpose it is highly desirable that the receipt should 
specify not only the number of bales and their weight, 
but should indicate likewise the grade or class and con- 
dition in which the cotton was received. It is not usual 
for warehouse receipts to specify grade, nor is this required 
by the Uniform Warehouse Receipts Act, although it is 
required of warehouses licensed under the Federal law. 
The cooperative warehousing laws of Texas and Arkansas 
and the state-operated system of North Carolina also pro- 
vide for a statement of grade on the receipt. Georgia and 
South Carolina laws providing for state-operated ware- 
houses also require this statement, but guarantee it only 
in favor of persons who either lend money or buy cotton 
through their state warehouse commissions. The receipt 
of course should afford means of identifying the cotton 
which it covers, and for this purpose should include the 
name and location of the warehouse, the consecutive num 



154 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



ber of the receipt itself, and the mark and tag numbers of 
the bales of cotton covered. 

Finally, the lending bank should be covered by insur- 
ance to the full market value of the pledged cotton. With 
respect to insurance, the Uniform Warehouse Receipts 
Act makes no provision. Certain state laws, such as that 
of South Carolina, provide that the warehouseman need 
insure the stored cotton only when requested by the 
depositor. Other state laws such as that of Georgia pro- 
vide that the cotton must be insured unless the ware- 
houseman is specifically requested not to insure. The 
latter provision is contained likewise in the Federal 
Warehouse Act. 

With respect to the character of the insurance, it is 
desirable from the lending bank's point of view to have 
insurance effected by means of specific policies covering 
the pledged cotton, issued to the owner with the loss pay- 
able clause to the lending bank as its interests may appear. 
Or the warehouseman may take out specific policies 
and assign or transfer these to the owner of the goods, 
thus affording adequate insurance in the owner's name 
covering the cotton pledged to the bank. The ordinary 
blanket policy taken out by a warehouseman to cover all 
the goods in storage affords inadequate protection. All 
such policies contain so-called co-insurance clauses, 
whereby the insuring company becomes liable only for 
that proportion of the loss which the amount of insurance 
bears to the actual value of the goods stored. With respect 
to the average warehouse, there is no method by which a 
bank can keep informed of the amount of insurance car- 
ried or whether the commodities m storage are msured to 
their full market value. 

In concluding, permit me to draw together the several 
points which have been under discussion. Warehouse 
receipts constitute the fundamental security on the 
strength of which cotton loans are made. The freedom 
with which such credits are granted must depend on the 
character of the receipts securing them. To form a suit- 
able basis for the free extension of banking credits, whether 
by means of bank acceptances or in any other manner, 
warehouse receipts must possess, as far as may be, a 
uniformly high standard of quality similar for example 
to that of railroad or ship bills of lading. 

The banker who is formulating a judgment with respect 
to loans on cotton receipts must first of all take account 
of the responsibility of the issuing warehouse and the 
protection from damage which it affords the stored cotton. 
He must ascertain also that it is independent of the bor- 
rower so that the latter is not in control of the goods 
pledged. Further, he desires assurance that the receipt 
actually represents com.modities stored, and information 
with respect to any circumstance which would affect his 
title to the cotton. In addition, the receipt should afford 
a means of identifying the specific cotton pledged and a 
means of estimating or checking its value. Finally, the 
lending bank should be fully protected by specific insur- 
ance covering the cotton on which its credit is granted. 

Warehouse receipts generally do not at present possess 
any uniform standard of quality as measured by the 
points referred to. In fact, a chief difficulty in the way 
of developing adequate methods ot cotton financing is the 
uncertain character of the security on which credits must 
be based. This situation arises in good measure from the 
absence of laws in some states and the varied provisions 
of the statutes of others. 

There are two laws, however, which, were their provi- 
sions uniformly and jointly applicable to all warehouses, 
would go far toward establishing the warehouse receipt 
on a high level. These are the Federal Warehouse Act 



and the Uniform Warehouse Receipts Act. The former, 
which provides for Federal supervision and examination 
of licensed warehouses, is intended to improve and stand- 
ardize operating conditions — that is, to assure the respon- 
sibility of warehousemen as far as this can be done by 
public examinations and the requirement of proper ac- 
counting methods and good storage conditions. The 
Uniform Warehouse Receipts Act, on the other hand, 
is concerned with putting the receipt itself into proper 
form, making standard also the conditions attending its 
transfer or negotiation. The two laws, it will be seen, 
together would cover adequately both aspects of the 
warehousing situation. 

As regards the Uniform Warehouse Receipts Act, there 
would seem to be no valid reason why its provisions should 
not be incorporated in their entirety in the statutes of 
every state. The Federal Warehouse Act is not compul- 
sory, and warehouses are, it is evident, slow to avail 
themselves of its provisions. A remedy might be found 
either by the establishment of a similar system of super- 
vision by the respective states, or by a provision in state 
law that all public warehouses be required to obtain 
Federal licenses, the latter method being decidedly prefer- 
able because of the greater uniformity it would insure. 
Numerous objections certainly would be raised against 
such a proposition, the most important, no doubt, being 
the additional expense which Federal supervision — ■ or 
any adequate system of supervision — would entail. It 
is a valid question, however, whether the saving in insur- 
ance, in country damage, and in cheaper money rates, 
naturally resulting from improved warehousing condi- 
tions, would not offset the cost of Federal supervision 
many times. 

Some such method of standardizing the quality of ware- 
house receipts would seem to be the only method by which 
the cheap money of the open discount market can be 
made available for cotton financing in the South. As long 
as present conditions survive, cotton financing can be 
undertaken only by banks which are located in the imme- 
diate community, or which by careful study are in close 
touch with the local situation and are thoroughly familiar 
with the particular borrowers and warehousemen. In a 
word, cotton financing in the South must continue local- 
ized. Its burden, instead of being distributed over the 
country as a whole, is concentrated on a limited number 
of banking institutions. The result is an inadequate sup- 
ply of credit and high rates. With standardized ware- 
house receipts, on the other hand, banks generally could 
safely undertake to accept on their security and these 
acceptances, readily salable in the general discount market, 
would assure abundant credit at minimum rates. 

The Chairman: We have with us former Congressman 
A. F. Lever, and I am going to ask him to close the dis- 
cussion we have had by making a few remarks to us. 

Mr. Lever: The speech just delivered by the gentle- 
man from Texas, now temporarily residing in New York, 
I think is one of the most practical everyday discussions, 
and horse-sense speeches that I have ever heard delivered, 
and for the moment, following that address, I want to 
turn my face to you gentlemen, who are sitting in the pro- 
ducers' group. You have had pointed out to you by one 
of the grand financiers of New York, Southerner by birth, 
Southerner in sympathy, how the cotton producers of this 
country can make themselves the most independent people 
in the world. The greatest legislative achievement in the 
history of legislation, in my judgment, was the enactment 
of the Federal Reserve Act, an act which so accommodated 
itself to commerce and business that it carried us through 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 155 



this great world war without even a severe strain upon the 
financial institutions of this great country. Next to that, 
in niv judgment, as one of the greatest pieces ot legislation 
in recent years in this country was the Farm Loan Act, 
which undertook and is accomplishing the very desirable 
purpose of liouidizing farm lands, making them real gen- 
eral collateral in the markets of the world through the 
issuance of honds upon the accumulated farm mortgages 
of the country. That system has put into loans in the 
neighborhood of three hundred million dollars, although 
the act has been in actual operation just slightly beyond a 
period of two years. Next in importance to that, in my 
judgment, is the statute which is known as the Federal 
Warehouse Act, a statute which not one per cent of the 
people of this country ever heard of, and which came 
about as the result of the terrible situation that confronted 
the people of the South immediately after the outbreak of 
the war in 1914. It was the solution that Congress pro- 
posed for the existing difficulty and undertakes to do for 
cotton what the Federal Farm Loan Act proposed to do, 
and is doing, for land, namely, liquidizing cotton into a 
real general collateral asset, the warehouse receipt for 
which would flow as freely in the channels of commerce 
and finance, almost, as would a $5 banknote. I should 
feel that this convention had failed to live up to its obliga- 
tion of service if it did not go on record as strongly endors- 
ing the provisions of this Act and calling upon every 
agency in this country and elsewhere to put on a cam- 
paign for the building of standard warehouses, the opera- 
tors of which should operate under the terms of the 
Federal Warehouse Act, thereby giving to cotton a stand- 
ing in the financial world which has been described to you 
so vividly and so clearly by Mr. J. Howard Ardrey. What 
does this Federal Warehouse Act do.? First of all, it pro- 
vides for a bonded warehouse which shall hold an unsus- 
pendable license from the Department of Agriculture, 
which must testify to its competency and its financial 
responsibility. The cotton that goes into this warehouse 
is classified by a classifier who holds an unsuspendable 
license from the Department of Agriculture, which is the 
evidence of the competency of this man as a classifier, 
and his integrity as a man. The cotton may be weighed 
by a licensed weigher, which license will testify as to his 
competency and his personal integrity. The receipt 
issued upon that bale of cotton may be negotiable or non- 
negotiable, but it must contain all the essential facts as 
to that bale of cotton, its weight, its grade and its con- 
dition. This w'arehouse is inspected from time to time by 
inspectors appointed by the Department of Agriculture. 
The same class of inspection under the terms of this Act 
will be given to any warehouse operating under the provi- 
sions of this Act, as is now given to your forty odd thou- 
sand post offices, and your many, many national banks. 
Every effort has been made by Congress, and the regula- 
tions issued by the Department under the terms of this 
Act, to make the receipt tell the truth, so that the banker 
with money to loan and the great financial institutions of 
the country may know that when a promissory note with 
this warehouse receipt attached to it comes in to them, 
they may safely loan their money upon it; because they 
know under the terms of the receipt that they can go into 
that warehouse in Texas, South Carolina or Louisiana, 
and get the identical bale of cotton, with that weight, 
with that grade. I need not tell you what that means 
as an asset to the cotton producers of this country. Let 
me offer you an illustration of what recently has been 
accomplished in my native state of South Carolina, where 
farmers, business men, bankers, merchants and profes- 
sional men were called together at the courthouse at 



Spartanburg about six weeks ago. I he provisions of this 
Act ol which 1 am now speaking were put to these men 
as plainly as could be put. Immediately after the dis- 
assembling of this great gathering, a committee, consisting 
of bankers, farmers, merchants and professional men, some 
eighteen or twenty-four of them, got together to conduct 
a drive in Spartanburg, beginning the next Monday, and 
put into every school district and every schoolhouse from 
one to three speakers who would undertake to interest the 
farmers of Spartanburg County in the business of a locally 
owned, locally controlled and operated system of ware- 
houses in that county, under the provisions of the Federal 
Warehouse Act. 

The next month following that Saturday they got their 
charter from the Secretary of State to operate six ware- 
houses in Spartanburg County with a capacity of 50,000 
bales, as against a ten-year average production in that 
county of 65,000 bales, with a capital stock of $300,000, 
one-half of which was paid in. They proposed to locate 
one of those warehouses, with a capacity of 20,000 bales, 
at the county courthouse, and they proposed to locate 
five others at strategical points in the county. Spartan- 
burg County, South Carolina, has pioneered in that move- 
ment, which, to my mind, means more to the industrial 
economic and social welfare of the South than any move- 
ment that has been taken among our people since Lee, 
with his gallant grays, stacked arms for the last time at 
Appomattox in 1865. 

There are three systems under which we can operate 
warehouses. You may have your privately controlled 
and operated warehouse. 

Then, there is the other kind of warehouse such as you 
have in one of our Northwestern states, where the state 
itself owns the warehouse and operates it under state laws. 
That may be all right, but I have been brought up in 
the old doctrine that the less the government interferes 
with private business, the better it is for private business. 

The other proposition — the other method of control — 
is the one that I have described to you in the illustration 
I gave you about the movement in Spartanburg County, 
South Carolina, where the bankers, business men and 
farmers jointly control, own and operate the warehouses. 

I prefer the latter system of control for several reasons. 
The first of all is this: We want the farmer to warehouse 
his cotton, and he is much more likely to warehouse it in 
his own concern, where he has a voice in its management 
and control, than he is to warehouse it in a concern 
operated for profit by private individuals. But if you 
cannot have that — if the farmers are not willing to get 
together with their business friends, county by county, in 
the South and do this very desirable thing, then I greatly 
trust that these private warehousing concerns which are 
existing now or may in the future be organized shall 
become a part or parcel of the Federal warehousing sys- 
tem in order that their receipts may get the fullest possible 
benefits of low-rate money. 

During the months of September, October, November 
and December, 70 per cent of the entire cotton crop of the 
South goes upon the market and leaves the hands of the 
producer. On the basis of a 12,000,000-bale crop, the 
distribution during those four months should be 4,000,000 
bales, and as a matter of fact, it is 8,400,000, or 4,400,000 
more or less bales than ought to be marketed in that 
period. 

What are we going to do about it.? Shall we talk about 
it, my friends, and keep on talking about it.? I cannot 
believe so. I cannot believe that a conference such as 
this, representing, if the newspaper reports are true, 
thirty-one nations — men from foreign countries, repre- 



156 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



senting every type of business — I do not believe that 
these men have come here to talk with the American pro- 
ducer and the American ginner and the American banker, 
and then the whole matter is to vaporize into talk and 
these gentlemen go back, taking with them nothing con- 
crete, and we go back, taking nothing with us that is 
tangible. May we not hope that before this convention 
adjourns, it will put itself on record as encouraging every 
agency at work in the interest of the farmer to put on 
campaigns now — not next year and not next month and 
not next week, but now, to create a sentiment which will 
ripen into the same kind of finality as I have described to 
you as having been done at Spartanburg? 

The Chairman: If there is no further business, I 
declare this meeting adjourned until 8.30 p.m. 

(Whereupon, at i :oo o'clock p.m., the meeting was 
adjourned.) 

FIFTH SESSION 
Tuesday, October 14, 1919 

Eight o'clock P.M. 

The Chairman: Gentlemen of the Conference, the 
topic for the night is the buying and selling of cotton. 
The first speaker on the program, the Honorable E. D. 
Smith, one of the Senators from South Carolina, has been 
unavoidably detained at home on account of sickness in 
his family. We regret very much that we cannot hear 
Senator Smith, but we are fortunate in that a distin- 
guished member of Congress has consented to take the 
place of Senator Smith — the Honorable J. Thomas 
Heflin, Member of Congress from Alabama. 

Mr. Heflin: I am glad to be here, glad to see those 
interested in cotton here from the other sections of the 
world. 

I recall a bit of history. In 1784 the United States 
exported to England eight bales of cotton, and that cotton 
had been separated from the seed by hand. In 1786, 
James Madison, the author of the American Constitution, 
said in a speech at Annapolis, Maryland, that the United 
States would one day become a great cotton producing 
country. We were then producing 5,000 bales of cotton. 
We have now become the greatest cotton producing area 
in the world. We have a monopoly of a certain kind of 
cotton. Cotton, as an eminent Southern author has said, 
is more a child of climate than a child of soil. Nowhere 
in all the world are sunshine and shower so mingled and 
measured out to the cotton plant as in the cotton belt of 
the United States, 1400 miles long from east to west, 500 
miles wide; and it has in it 448,000,000 acres of land. 
I repeat, we have a monopoly on the production of short 
staple white cotton. Time was, when we produced only 
cotton, and that plan impoverished the South. The cotton 
producer was compelled to diversify, and he has done 
that. He has gone to raising cattle and hogs. He is pro- 
ducing diversified farming today as never before in the 
history of the cotton growing states. The South is not 
now growing rich out of cotton. We have learned that 
we can make more money in raising hogs and cattle and 
corn and peas and peanuts and other things, and in order 
to produce a sufficient amount of cotton, the producer 
must be well paid for the cotton that he produces. He 
cannot, he will not, produce cotton at a loss. The man 
who conducts any business at a loss is a poor business 
man, and you all know, spinners, speculators, cotton mer- 
chants, and factors, that the producer cannot continue 
the production of cotton unless he obtains a fair and a 



living profit, and if he can make more money producing 
other things, he will certainly do that. 

Gentlemen, good will come out of this conference. The 
suggestions that you are making about storage facilities 
and warehouse facilities are good. The time is not far 
distant when we will have a chain of warehouses reaching 
from one end of the Cotton Belt to the other. We must 
have these warehouses. The farmer who works in the 
rain and hurries just before the rain to get his cotton 
out and get it ginned, and then puts it out in the rain, 
after he has done all that, is injuring his own business. 
The time is coming, and coming speedily, when he is 
going to quit that. 

Then, the merchant who buys it must stop putting it 
out on the platforms at the stations. There must be 
storage facilities everywhere. The cotton we produce is too 
precious to be mistreated. There is no cotton like it in the 
wide world. We must have better warehouse facilities. 
Of course, I do not expect the spinner and producer to 
agree in a minute exactly as to the price the producer 
should have, to make a profit, nor as to the price the 
spinner should have on the finished product. Some fellow 
said that was nearly as hard to reconcile as would be a 
hawk and a chicken in the same cage. But a better under- 
standmg will come, and the time will come when each one 
will give more consideration to the right and the power 
of the other than has been given during the past. 

The Chairman: An important phase of the buying and 
selling of cotton is that of classification. The next speaker 
is an expert on this particular topic. Mr. D. S. Murph, of 
the Department of Agriculture, will now speak to you on 
the subject of "Uniform Classification of Cotton." 

Mr. Murph: It is assumed that the present subject, 
"Uniform Classification of Cotton," contemplates world- 
wide uniformity. On account of the relative importance 
of the American cotton crop, compared to the world's 
cotton crop as a whole, and for the sake of harmony of 
treatment, this discussion, except when otherwise indi- 
cated, will relate to American Upland, Gulf and Texas 
cotton, but it is believed that the principles advanced will 
be applicable largely to cotton of all growths. 

The uniform classification of cotton involves more than 
might at first appear. It involves universal terminology 
as to classification; the promulgation of uniform standards 
of world-wide apphcation, for grade, staple and other quali- 
ties; the practicability of obtaining copies or duplicate sets 
of the standards; the proper maintenance of the standards; 
a universal knowledge of the standards, and arbitration by 
approved methods. It involves more than a few cotton 
exchanges in America and Europe, and more than ex- 
porters and importers; it is of great significance to the 
small merchant in the primary American markets, to the 
large merchant who assembles cotton for export or sale 
to domestic mills, to the manufacturer of cotton goods, 
and, last but not least, to American producers and to 
consumers in every part of the world. I trust that these 
broad potentialities will be borne in mind during the 
discussion. 

It is surprising that, in a business so old and so well 
established as the cotton trade, there should be a lack of 
world-wide uniformity in the use of terms relating to 
cotton classification — -for instance, that the term ''if- 
inch staple" should not have a universally recognized 
meaning, or that a trader should be required to translate, 
approximately, in his own mind 

American Good Middling into Liverpool Fully Good Middling 
American Strict Middling into Liverpool Good Middling 
American Middling into Liverpool Fully Middling 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 157 



American Strict Low Miildling into Liverpool Middling 
American Low Middlini; into Liverpool Fully Low Middling 

or vice versa. 

Looking backward for a moment, as production ot 
cotton increased and as the cotton trade became of greater 
importance, sales of cotton were made by samples or 
types instead of co-incidently with physical handling of 
the cotton. This use of samples or types naturally would 
be accompanied or followed by the adoption of standards 
having a more or less constant meaning, but hmited in 
territorial importance by existing conditions peculiar to 
individual cases. The next step would be to secure a 
wider use of certain locally recognized standards in order 
to facilitate business in the territory affected by the use 
of the particular standards concerned. Excellent illus- 
trations of such developments and of the logical evolution 
of a practical need for widening geographically the use of 
standards may be seen in the actual experience of the 
American exchanges and of American producers selling 
cotton in primary markets. 

For the first few years after its organization, the New 
York Exchange had its own standards for cotton, and 
New York Middling was not identical with Middling in 
Southern markets, nor were the Southern markets con- 
sistent with each other as to classification. Confusion in 
the trade and criticism of quotations resulted. As the 
result of a conference held in Augusta, Georgia, in 1874, 
and attended by representatives of practically all the spot 
exchanges and the New York and New Orleans future 
exchanges, standards, referred to as the "Standard Ameri- 
can Classification," were prepared for American cotton. 
These standards were adopted and put into effect on both 
future exchanges. Their use in spot markets, however, 
did not become general, and the purpose of their promul- 
gation was not attained. Under these conditions, the 
United States Department of Agriculture in 1909 promul- 
gated grade standards for white cotton, their use, how- 
ever, being entirely permissive. These standards were 
voluntarily adopted in 1909 by the New Orleans Exchange 
and in 1914 by the New York Exchange as the basis for 
classification. They were followed and replaced by the 
official cotton standards of the United States, promulgated 
under the provisions of the United States Cotton Futures 
Act of August 18, 1914. The official standards were 
adopted for use on the future exchanges and in the desig- 
nated bona fide spot markets. Other American exchanges 
and organizations quickly accommodated themselves to 
these standards, and uniformity in the classification of 
cotton in America was achieved to a greater extent than 
ever before. 

Experiences of cotton producers in selling cotton and 
recognition of the existence of more or less unstable price 
conditions in the primary markets led the Bureau of 
Markets of the United States Department of Agriculture, 
several years ago, to make some careful investigations 
vvith reference to these conditions. The results showed 
price variations in a number of markets of from $5 to $15 
per bale for the same grade of cotton in the same market 
on the same day. As Middling cotton was then bringing 
only 10 or 12 cents per pound, such price variations ranged 
from 10 to 30 per cent of the value of the cotton. Such 
conditions constitute a patent commentary on the igno- 
rance and want of intelligent use of standards in the buy- 
ing and selling of cotton. 

Unstable and uncertain conditions in American markets 
are accentuated by the use in America, despite the earnest 
efforts for uniformity, of two recognized sets of standards. 
While the United States official cotton standards are used 
entirely in future transactions in the United States and 



generally in domestic transactions, export cotton is 
shipped and arbitrated largely on Liverpool standards. 
This situation, particularly in its reaction on the smaller 
markets, increases the uncertainty and instability of 
values. As exporters possess, at least to a fair extent, the 
knowledge and facilities necessary for harmonizing the two 
sets of standards, the condition in their case, while irk- 
some, is less baleful in its effects. 

These circumstances visualize, to some degree, the 
necessity for the adoption of uniform standards on an 
international basis. 

Since the promulgation of the United States official 
cotton standards, cotton, particularly of the better grades, 
has been sold and shipped in America largely according to 
these standards instead of according to local classification 
or private types of limited territorial application. I con- 
ceive that, similarly, the exporter and importer of cotton, 
unless there were some particular reason to the contrary, 
would be perfectly willing to trade according to inter- 
nationally recognized standards, properly safeguarded 
and protected, instead of according to private types, and 
would, in fact, prefer trading in this manner, since it would 
relieve them of the trouble and expense of preparing, 
transmitting and handling such types. 

I do not wish, in anything I may say here today, to be 
understood as criticizing members of the cotton trade. On 
the contrary, I have had considerable experience with 
American members of the trade and this experience has 
shown them, as a class, to be conscientious and upright, 
and ready to cooperate with the Government at all times 
in any steps looking toward the clarification or improve- 
ment of trade conditions. But I believe that the exporta- 
tion of cotton upon universally recognized standards, 
rather than upon varying standards and still more varying 
private types, would increase the incentive for correct 
shipments. The existence of unfair and doubtful trade 
practices would, under such conditions, become more 
readily apparent, and knowledge of such existence, once 
ascertained, would spread rapidly throughout the trade. 
Questionable dealings would be thus more easily exposed, 
and it is fair to assume that every cotton merchant and 
exporter if only for reasons of personal advantage, would 
be more careful that all his shipments should be up to 
the standards required by his contracts. 

The uniform classification of cotton has a direct bearing 
upon arbitration. It is my understanding that, since the 
practice of shipping cotton according to the official United 
States cotton standards has become very general in 
America, reclamations between American shippers in 
primary markets and American buyers in large cotton 
centers have been greatly reduced. On the other hand, 
the necessity for arbitration between traders in America 
and Europe, where different standards are used, is almost 
constant and results in more or less heavy reclamations, 
the fear of which is one of the most disturbing factors in 
the trade. May it not be assumed that the use of uniform 
standards in international trading would be followed by 
results similar to, or even more important than, those 
accompanying the use of uniform standards in the Ameri- 
can trade and would greatly lessen the necessity for and 
frequency of arbitrations.? 

In cases in which arbitration might be necessary, how- 
ever, standards with reference to which it is conducted 
should be uniform, and uniform methods of procedure 
should be followed. Arbitration, instead of being, as it is 
now, so largely a matter of uncertainty, could be reduced 
almost to an exact basis, and when a system of exporting 
upon uniform standards and of arbitration upon such 
standards in accordance with uniform rules was once 



158 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



adopted, there should be little reason for shipments not 
conforming to specifications, little occasion for loss through 
ignorance of the probable final classification of cotton, 
and little justification for undue penalties on arbitration. 
In the absence of legislative action by the United States 
offering a more effective solution for this entire question, 
a uniform system of arbitration upon uniform standards 
satisfactory to all parties concerned and impartially 
administered, would insure, to some degree, stability of 
operation and consistency of results. 

The use of uniform standards upon all the future ex- 
changes of the world, accompanying the use of the same 
standards in all transactions involving spot sales and 
arbitrations, with similar forms of contract on all such 
exchanges, would further contribute to stability in the 
trade through assured knowledge of the nature of hedges 
covering cotton consigned to foreign ports or purchased in 
America for import by foreign traders. 

I cannot emphasize too strongly the necessity for public- 
ity in this as in every phase of the cotton trade. To secure 
the necessary publicity would involve, of course, proper 
educational steps. The United States Department of 
Agriculture, in fact, for several years has been carrying 
on an educational campaign demonstrating to farmers and 
buyers through actual experience the importance of accu- 
rate knowledge as to the classification of cotton and the 
concurrent necessity for classifying cotton according to 
officially recognized standards, and these efforts have met 
with marked success. 

Following the adoption of uniform standards, a similar 
but world-wide dissemination of accurate information 
relative to the standards and other phases of classification, 
would have an important result in steadying the trade in 
cotton and facilitating business. Large traders and small 
traders are alike in this respect, that, where there is uncer- 
tainty as to qualities or values, they protect themselves 
by allowing for a large margin of profit. This margin may 
or may not actually be realized, but if uncertainty as to 
values could be eliminated, the protection it affords would 
no longer be necessary. 

In this discussion I have tried to show that the need for 
uniform classification is the logical outgrowth of the inter- 
national character of the cotton business. I have pointed 
out certain reforms in trade procedure and practice that 
would be possible under a system of uniform classification. 
I have tried to keep before you the thought that stability 
in market conditions is perhaps the greatest desideratum 
of the trade, and have tried to show that lack of uni- 
formity and lack of knowledge as to classification result 
in uncertainty and confusion at every step of the trade, 
from the transactions of the one-mule farmer, who sells 
his cotton bale by bale at a cross-roads market, to the 
manufacturer who buys cotton by the thousands of bales. 

May I pause here long enough to remind you again of 
the consideration due, in the study of all questions before 
this conference, to the producer of cotton, not only as a 
matter of justice but as a matter of economic necessity.? 
That a great deal of dissatisfaction has existed among 
producers as to the prices which they receive for cotton 
is of course well known. That such prices in many 
instances do not represent the real value of the cotton 
will not be disputed. Among others, the eminent Eng- 
lish authority, Mr. John A. Todd, recognizes and deplores 
this feeling of dissatisfaction. 

That the producer shall receive the price to which he is 
fairly entitled for his product is of great importance, not 
only because of the actual material values concerned, but 
because of the effect his attitude of mind will have upon 
his activities. As the marketing of cotton from the 



primary markets to the great export and import markets 
is reduced to a more nearly exact basis, the producer 
should receive a more nearly just price for his product, 
without in reality causing any resultant injury to the 
trade. 

Conditions with reference to labor and other important 
matters in the American cotton belt have undergone such 
changes in the past few years that the production of a 
sufficient quantity of American cotton to supply the world's 
needs has become, in the opinion of many, a debatable 
question. The individual American cotton farmer appears 
now in large measure to have learned that the American 
cotton belt is admirably adapted, through climatic and soil 
conditions, to the production of crops other than cotton, 
and that it is, in fact, the part of wisdom for him to pro- 
duce food and feed supplies needed on his farm and devote 
his surplus acreage and attention to cotton. Even within 
this limitation, however, there are some things that can 
be done, without increasing the relative acreage of cotton, 
to encourage its production in sufficient quantity and of 
proper quality for the world's needs, as well as to increase 
the producer's legitimate returns from his crop. These 
steps include, among others, fostering of the planting of 
better varieties of cotton, the unifying of certain local dis- 
tricts in the planting of particularly suitable varieties, 
instruction in the use of improved cultural methods, and, 
as presented in this discussion, the development of correct 
handling and marketing practices. 

I am not sure that the interest of the producer in the 
uniform classification of cotton is not the most important 
phase of the subject, nor am I sure that his interest does 
not furnish the strongest argument for such classifica- 
tion. You have noted, during the discussion, some of 
the various steps that have been taken by the United 
States Government and the American cotton trade to 
relieve the unsatisfactory conditions that have existed 
in this country with reference to the standardization and 
classification of cotton and their resultant inequities, 
but such steps, apart from adjustment of international 
trade conditions, cannot furnish a complete remedy. 

I might refer here to the long hours, the hard labor 
and the uncomfortable living conditions under which the 
average cotton farmer in America has labored for the past 
fifty years, and to the small prices, utterly inadequate 
to assure the proper maintenance of himself and his family, 
which he has generally received for his product. In 
so doing I would not be basing this argument upon sen- 
timent or sympathy, or asking a charitable gratuity for 
the producer, but would be seeking merely the advance- 
ment of justice in accordance with enlightened economic 
principles, and hoping to impress still further upon you 
interest in the producer's well-being of every man who 
buys, sells, manufactures or uses cotton. 

I shall not attempt a complete history of the movement 
to secure world-wide uniform standards for cotton, but 
brief reference to the more recent efforts in that direc- 
tion may be of interest here, especially as they tend to 
show the possibility of ultimate agreement on the use of 
such standards. 

On the second and third of June, 1913, representatives 
of American Cotton Exchanges, European Cotton Ex- 
changes and Spinners' Associations held a conference at 
Liverpool, at which it was recommended that the then 
Liverpool standards be modified in several respects and 
be adopted as international standards. There appears 
to have been some misunderstanding as to the scope of 
application of these so-called "International Standards." 
They were accepted by the Liverpool and other foreign 
exchanges as applicable only to Upland cotton, while 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 159 



many ^American merchants apparently understood that 
they covered Uphind, Cult and Texas cottons. 

1 he enactment, a Httle more than a year suhscquently 
on .August i8, 1914, ot the United States Cotton Futures 
Act. which provided tor the promulgation of United States 
official cotton standards, and for their use in America, re- 
stricted further the field of use of the "International 
Standards" in this country. 

It is hardly to be doubted that the United States official 
standards which came into use on the effective date of 
that Act, February i8, 1915, were prepared with greater 
care and were more nearly representative of the American 
white cotton crop than any previous standards. The 

Curpose kept in mind in their preparation was that they 
e adapted to the needs of the trade in the United States 
and, at the same time, be suitable for adoption for inter- 
national use. They fell between the permissive American 
standards and the old Liverpool standards, but approxi- 
mated more nearly the latter. While the Liverpool 
standards, however, included three distinct sets, one each 
for Upland, Gulf and Texas cotton, the official standards 
included only one set, types of each of these growths 
being placed in each grade box. The ready acceptance 
of the official standards in American markets and the 
subsequent judgment of the trade at Liverpool and other 
European points attest their suitability. 

When the grade standards for white cotton had been 
prepared in tentative form, and before final adoption, the 
United States Department of Agriculture, in the fall of 
1914, sent two representatives with sets of the proposed 
standards to European markets for the purpose of consult- 
ing the trade in these markets with reference to the 
standards and of securing their adoption for use. After 
various conferences between the American representa- 
tives and members of the Liverpool Cotton Association, 
and after repeated examination of the proposed standards, 
the Special Committee appointed by the Association sug- 
gested a change of one sample in the Good Ordinary box, 
and this change was agreed upon by the Americans. The 
Committee then recommended that the Association adopt 
the United States official standards. Further negotia- 
tions followed, and, in a few days, the American repre- 
sentatives were advised that the Appeal Committee had 
reported unanimously in favor of the proposed official 
cotton standards, that they had been unanimously ap- 
proved by the Special Committee, had been twice approved 
by the Board of Managers, and therefore stood approved 
by the Association. However, consideration of the ques- 
tion of the adoption of the standards was deferred until 
March I, 1915, on which date final action was indefinitely 
postponed. Some of my friends from England said that 
this postponement was due to the unusually disturbed 
conditions on account of the war. Gentlemen, I want 
to submit that any achievement which came so near ac- 
complishment as this at that time, is not a Utopian dream 
by any means. 

As the United States Cotton Futures Act became effec- 
tive February 18, 1915, it was necessary that the Depart- 
ment of Agriculture, before that date, should promulgate 
standards for use, as required, on the future exchanges 
and in the bona fide spot markets to be designated under 
the Act. It was impossible, therefore, to defer the adop- 
tion of standards until after the proposed meeting of the 
Liverpool Cotton Association on March i, 191 5. The 
American representatives also visited Bremen and Havre, 
and their proposal for the universal adoption of the official 
standards received very favorable consideration by the 
trade at those places. It is greatly to be regretted that, 
in view of the agreement as to the standards themselves, 



complete agreement as to their adoption was not achieved 
prior to their official promulgation. 

Subsequently, under the authority of the United States 
Cotton Futures Act, standards for yellow tinged, yellow 
stained, and blue stained cotton, effective January 28, 
1916, were promulgated by the Secretary of Agriculture. 
On account of the re-enactment, on August 11, 1916, 
of the United States Cotton Futures Act, the official 
standards were re-established and promulgated, but with- 
out change, on August 12, 1916. Standards for length of 
staple, effective October 25, 191 8, were promulgated, the 
following lengths being represented by physical types: 



f inch 

7 << 



Iff inch 



ij inch 
1 s 



If 



(C 



Standards for cotton of lengths other than those named 
are descriptive. An approved method of pulling staple 
is included in Service and Regulatory Announcement 
No. 41, of the Bureau of Markets, which contains the 
public notice establishing official cotton standards for 
length of staple. Grade standards also were promul- 
gated, effective October 25, 1918, for Sea Island and 
American-Egyptian cottons. 

Without indulging any claim as to superior ability of 
American experts or for perfection in the present United 
States official standards, I wish to call your attention to 
some facts with reference particularly to those standards 
and generally to the preparation of standards for American 
cotton in America rather than in any other country. 

The utmost care has been observed in the preparation 
of the official standards. The original set of official white 
standards, for instance, was prepared by expert classers, 
familiar with all growths of American cotton, from the 
United States Department of Agriculture and from the 
trade. These experts had before them copies of the 
proposed "International Standards," of the old Liverpool 
standards, of the permissive American standards of 1909 
and of local standards from various American markets. 
Characteristics of cotton throughout the belt were care- 
fully studied. As an illustration, in one season alone, the 
Department collected systematically from farmers' sales 
in seventy typical markets in the cotton belt 35,000 
samples, all of which were graded and stapled as pre- 
liminary investigational work in the preparation of 
standards. 

The actual preparation and preservation of the stand- 
ards and of practical forms thereof has been carried on 
under conditions as nearly perfect as human ingenuity 
has thus far been able to devise. As an illustration, sets 
of the standards are stored in glass vacuum tubes which, 
wLenever deemed expedient, are opened for comparison 
with the sets in use. All practical forms that have been 
distributed are subject to inspection and condemnation 
by Government representatives. 

Cotton used in preparing sets of practical forms of the 
standards for sale to the trade is purchased from all parts 
of the belt, and the same portion of each grade box is 
assigned to Upland, Gulf and Texas cotton as in the origi- 
nal standards. Further, every sample contained in each 
grade box corresponds in appearance with the sample 
having the same position in the original standards. 

The official standards, unlike any others, so far as I 
know, have a legal status, their promulgation being pro- 
vided for and their use being practically required, by the 
terms of the United States Cotton Futures Act, on Amer- 
ican future exchanges and in all officially designated spot 
markets under the Act. Because of the importance of 
their required use, as well as because of their applicability 



160 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



to the American crop, they have been generally adopted 
at American spot markets and are used generally through- 
out all sections of America which produce or manufac- 
ture cotton. The Congress of the United States makes 
appropriations annually for demonstrating and promoting 
the use of the official cotton standards and for the prep- 
aration and sale to the trade of practical forms of copies 
of the standards. The United States Warehouse Act 
and a number of State Warehouse Acts provide for the 
use of the official standards in the classification of cotton 
stored in warehouses operated under these Acts. 

A cotton exchange was recently organized at Rotter- 
dam. Careful consideration was given to the selection 
of standards for future trading in American cotton and, 
as a result of the deliberations on the subject, the United 
States official cotton standards were adopted for that 
purpose. 

On October i, 1919, 1519 full and fractional sets of the 
official standards for white and colored cotton had been 
distributed, 1460 sets in American and 59 sets to foreign 
countries. On the same date in full and fractional sets 
of types for length of staple had been distributed, 107 
sets in America and four sets to foreign countries. 

Cotton for matching types is more readily available 
in America than in any other country. It is necessary to 
examine hundreds, and sometimes thousands of bales in 
order to obtain a few bales that may be used in making 
up types. It is not to be understood that America ob- 
jects in any way to the preparation and sale of copies 
as such in foreign countries. It is merely desired to point 
out that standards can be made up in America more 
satisfactorily and less expensively than in any other 
country, and consequently can be sold to the trade at a 
smaller cost. 

It appears reasonable that American cotton should be 
standardized according to the needs of the American trade 
for handling the cotton in America, and that agreement 
necessary for accomodation between American and foreign 
trade should be based upon American standards. Stand- 
ards representing all the cotton grown in America are 
applicable to American cotton wherever it may be found. 
But, since not every foreign market imports extensively 
cotton from all sections of the American cotton belt, it 
may not be true that standards prepared with reference 
to cotton exported to any particular foreign market are 
applicable to the American cotton crop as a whole. 

The Chairman: The meeting is now open for general 
discussion of this question. Mr. Murph will be glad to 
answer any questions. 

Mr. C. S. Brown (Texas): I want to ask why this 
cotton could not be graded at home, instead of having to 
be sampled so many times by different parties. The 
State of Texas has passed a law that ginners have to take 
a sample of each bale and that sample can follow the 
bale. In many of the counties of Texas we have samples 
taken by Government samplers, and each bale can go 
where it is billed under that sample; that is a government 
stamp; and why can't that just as well be done all over the 
country .f" 

Mr. Murph: In response to the question that has just 
been propounded by Mr. Brown, I would like to say that 
personally I have a very great sympathy for the plans 
which he has propounded. I do not see why cotton should 
be mistreated as it is between the farmer and spinner, or 
why it should be operated on so many times. (Laughter.) 
I have a feeling that the more nearly general use of uni- 
form standards we have in this country and in Europe, 
the more nearly will we approach to the condition out- 



lined: this possibility of selling the bale at all stages, 
accompanied by the sample which has been drawn from 
it. I think that is one thing we have to look forward 
to after we have a system of standards adopted, so that 
middling in this country, middling at the smaller primary 
points in Texas, means middling all over the world. 

Mr. Brown: In regard to these samples, the ginner 
is a licensed ginner and he has to take the sample through- 
out the bale as nearly as he can get, and this sample is 
just as perfect a sample as you can get out of the bale. 

The Chairman: If there is no further discussion under 
this head, we will pass on to the next paper: "Buying 
Cotton for Future Delivery." Mr. Randall N. Durfee, 
spinner, of Fall River, Mass., will address the Conference 
on this subject. (Applause.) 

Mr. Durfee: Whoever has a commodity to sell can 
sell that commodity only when someone wants to buy; 
often he must make the terms so favorable as to induce 
purchase; the purchaser generally dictates the condi- 
tions of sale regarding time of delivery and method of 
payment. Of course there are exceptions to this general 
rule. This happened recently when the demand for most 
commodities being so much greater than the supply, 
the seller reversed the general rule and practically dic- 
tated to the purchaser under what conditions he would 
sell. The purchaser was willing to meet these condi- 
tions in order that he might secure the materials wanted. 
This rule applies especially in the textile world and the 
handlers of cotton textiles have had to conform to same. 
Under these general conditions cotton manufacturers 
dispose of their finished product. While the price must 
be satisfactory to the manufacturer he must make the 
deliveries satisfactory to the purchaser. In times past 
English merchants have sold for deliveries extending 
over a period of three years. They have been obliged 
to buy their raw materials in order to cover their con- 
tracts for this period or to protect themselves by pur- 
chasing futures in one of the exchanges. These extended 
deliveries are the exception, not the rule; yet it frequently 
happens that contracts of cotton textiles for deliveries 
extending over a period of twelve months are made either 
at a fixed price or at value. When sales are made at a fixed 
price the manufacturer must in some way protect him- 
self with the raw material at the time of sale. The value 
of cotton cloth depending more or less on the price 
of cotton, the manufacturer need not protect himself 
at the time of sale against contracts sold at value, but 
can wait until the time for delivery. 

Cotton is the raw material representing from 40 per 
cent to 70 per cent of the value of the finished product. 
The other items of expense in manufacturing such as 
labor, repairs, supplies, depreciation, interest and taxes 
are more or less stable and can be fairly accurately es- 
timated in figuring costs over a period of at least six 
months. With variations in the price of cotton of ten 
dollars a bale in a single day the manufacturer must 
always be protected in his supply whenever he makes a 
sale; he must have this protection on the very day he 
sells his finished product. This protection is possible 
either by the purchase of the actual cotton or by the 
purchase of futures in one of the cotton exchanges, at 
New York, New Orleans or Liverpool. On sales for 
practically spot or nearby deliveries for which ordinary 
staple cotton of medium grade is required, he can almost 
always cover his requirements by purchasing either spot 
cotton or cotton for immediate delivery. The estab- 
lishment of licensed warehouses at convenient centers 
of production, as well as of consumption, will allow not 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 161 



only the producer to sell against these sales hut the manu- 
facturer to huy, and so both will he the gainers. The 
manufacturer cannot always purchase the raw material 
covermg his sales in this way. On his sales for extended 
deliveries and sales of merchandise requiring either special 
grades or special staples obtainable only at certain sea- 
sons he must either buy his cotton for future delivery 
at a stated price, or he must always have on hand a stock 
of the special grades and staples covering his probable 
requirements tor the season. He must either stand open 
as to price on his purchase of special grades and special 
staples which are not always obtainable, or must protect 
himself by selling futures against his stock, the product 
of which has not been sold, by buying in his futures to 
cover his sales of the finished product when made. A 
few years ago the manufacturer could practically protect 
himself in this way on all his purchases of raw material, 
including American staple cotton; today, so far as staples 
are concerned, he must either try to sell his yearly product 
when he buys his staples or remain unprotected, and so 
take chances in making a favorable sale later in the sea- 
son. The methods of buying cotton for future delivery 
and of protecting purchases of raw cotton not sold against, 
vary in degree but are nevertheless practically the same, 
both requiring the use of the future market. 

In buying cotton for future delivery the manufacturer 
has the choice of either buying futures in the market or 
making his purchase direct through a broker for such 
deliveries as he needs. Such purchases are to cover 
sales of his finished product and accordingly are at a 
fixed price known at the time of the purchase, whether 
futures are bought or a direct sale is made. In case a 
purchase is made, to have the desired quality and against 
which no product is sold, the price is based at so many 
points on or off a distant month, the price of the cotton 
being fixed when the product is sold and the futures called. 
The manufacturer may also buy such cotton at a fixed 
price and sell futures against same, calling these futures 
and pricing his cotton when he sells his goods. If the 
purchase at a fixed price is made through a broker, the 
manufacturer naturally presumes that the broker will 
protect himself either by the purchase of the actual cotton 
with the intention of selling and replacing until the time 
comes for the delivery against the original sale, or by 
buying futures in the open market and selling same when 
the time for delivery arrives and the actual cotton is 
bought. The broker may purchase cotton through his 
correspondent in the South who, in turn, contracts with 
the farmer or his agent for delivery of so many specified 
bales of a specified quality, of his growing crop. In pur- 
chasing through a broker in which only a sale note passes, 
the manufacturer does not actually know whether his 
purchases are protected, and is more or less taking chances 
in so buying his raw material. In my personal experience 
a manufacturer bought a contract for future delivery 
which was placed through a Southern correspondent with 
an Ai rating in the commercial agencies. This corre- 
spondent bought part of the contract through the future 
market and part by direct agreement with the farmer 
for his crop. The broker had no means of knowing the 
volume of the business which his correspondent had on 
his books nor what protection he had taken in this par- 
ticular transaction. Futures were bought against part 
of the sales but the market made such radical changes 
that these showed a large loss when the actual cotton was 
bought, owing to the difference between spot cotton and 
the future market. The farmer who contracted to 
deliver at a very much lower price than the market at 
the time for delivery, either had a crop failure or found 



it expedient to sell elsewhere at a higher price, and there 
was no apparent way to make him .settle for the loss 
which the Southern correspondent sufl^ered on account 
of this non-delivery. As a result the party from whom 
the broker made his purchase was forced to make a settle- 
ment and gave his notes to his various creditors. The 
principal in question is now holding a note for over fifty 
thousand dollars which is merely a "scrap of paper"; 
not one cent of interest has ever been paid up to date on 
same. Although this may be an isolated case, it actually 
occurred and will occur again unless proper precautions 
are taken. In transactions of this kind both buyer and 
seller should be protected; the transaction should be a 
purely business one, and in case of an advance in the 
market the seller should advance the proper margin to 
the buyer, who should do the same if the market declined. 
These remittances could either be made in New York 
exchange or by the use of acceptances arranged to mature 
at the time the actual cotton was to be delivered. The 
latter method has been used quite extensively by some of 
the leading dealers in raw cotton with very great satis- 
faction to both buyer and seller. In my opinion from 
the standpoint of the broker as well as that of the manu- 
facturer, transactions involving the future delivery of 
cotton should be made in the way just described; the 
purchases should be put through responsible brokers 
whose business it is to see that proper precautions are 
taken to safeguard all interests. The manufacturer 
should be just as willing to advance the proper margins 
when the market is against him as to demand the same 
margins when the market is in his favor. The volume 
of transactions in raw cotton calling for protection is of 
very much larger amount than is generally thought. In 
protecting these transactions so far as my own experience 
goes, the manufacturer has always paid the full amount, 
but the broker has frequently been put to considerable 
expense in advancing margins on his own account, as the 
manufacturer has either refused to meet these margins 
or the broker, fearing competition, has not deemed it 
expedient to ask for same. In such instances the manu- 
facturer should certainly pay the interest charges, but 
frequently he is not of this opinion. It is to the interest 
of both buyer and seller that all transactions calling for 
the future delivery of cotton should be safeguarded in 
every possible way. 

In buying cotton for future delivery on which the price 
has not been fixed but only the basis given at the time 
contract was made, the final price may be either at the 
buyer's or the seller's call. Most transactions of basis 
cotton are made with the price left to the buyer's call, 
as generally the buyer is more interested in pricing his 
cotton than the seller. Many dealers who are in the 
habit of purchasing cotton for future delivery at a basis 
price have found it very advantageous to them to buy 
such cotton at the seller's option of fixing the price, with 
the understanding that the price should be fixed by the 
seller before the cotton is shipped. This method, in a 
way, safeguards the transaction, as the seller is only re- 
sponsible before the cotton is shipped, and after the cotton 
is shipped the buyer is in a position to safeguard his own 
interests. Sellers prefer this method, as they are not 
called upon to furnish margins when the market is against 
them, and many buyers prefer it as the handling of the 
futures is entirely under their control. 

Although "buying cotton for future delivery" is not 
"selling cotton for future delivery," yet one is the corol- 
lary of the other. In an address of this character atten- 
tion should certainly be called to the following use of 
"futures." Spinners and manufacturers frequently ac- 



162 OFFICIAL REPORT OF THE W[ORLD COTTON CONFERENCE 



cumulate stocks of yarn and cloth, especially in periods 
of disturbed trade. These accumulations cannot be 
sold, yet the machinery must be kept in motion. Such 
conditions are more apt to occur in falling than in rising 
markets. A manufacturer at such times is producing 
at a loss in an idle market, and his goods are depreciat- 
ing in value; he may have to wait months before he can 
sell his product and in the meantime he is facing tremen- 
dous losses. By the use of futures he can protect himself 
immediately; there is always a market for his goods. 
It has been truly said that cotton "futures" are the bonds 
of produce. Such a hedge may not be absolutely per- 
fect; as a matter of fact, it is far from perfect, but it is 
the very best "hedge" obtainable anywhere. As the 
value of the product dechnes the value of the futures 
declines, as generally cloth and cotton advance or de- 
chne on the same basis. 

Buying future contracts in the market and protecting 
purchases of special grades of cotton available only at 
certain seasons and against which no sales of finished 
goods have been made can be included in the same class, 
although in some respects quite dissimilar. The manu- 
facturer who has sold his product ahead and has bought 
futures instead ot actual cotton, covering same, takes the 
chance of the basis of such cotton as he needs changing 
when the time comes for him to sell his futures and buy 
in the actual cotton; this basis may be higher or lower 
at the time of purchase than it was when he sold his goods. 
Of course, if his product was always sold in the same 
way the law of averages would probably even up prices, 
but generally spinners do not have the same inquiries 
repeated year after year, so they cannot depend on the 
law of averages. They must take their chance, in buying 
futures to cover their contracts that the basis will be 
about the same or lower, and if they have sold goods at 
a close margin their judgment as to the basis may mean 
a profit or loss. In the season just closed the basis on 
certain grades has differed over twenty dollars a bale, 
and one can readily see how a contract apparently show- 
ing a good profit might in the end show a very large loss. 
There is no uncertainty in the case of protecting pur- 
chases of special qualities with sales of future contracts, 
as the spinner can figure accurately the price at which 
he can take his cotton when the inquiry comes to him for 
his goods. With the elimination of several of the un- 
desirable grades formerly deliverable on contract, a 
spinner who is in a position to use ordinary staple can 
buy contracts and accept the delivery of same, using 
the cotton so delivered to produce the goods sold. Of 
course, he takes his chance both as to grade and staple; 
cotton unsuitable in grade or staple may be delivered, 
in which case he will have to replace in the open market 
with cotton suitable for his needs. By paying a certain 
premium to the broker who handles his account, a spinner 
can arrange to accept only the grades suitable, and the 
broker through whom the transaction is placed arranges 
to either sell the undesirable cotton elsewhere or to re- 
deliver same on the exchange. To spinners who can 
avail themselves of such cotton, the buying of futures 
to cover extended deliveries is most satisfactory. The 
whole question of buying cotton for future delivery is 
so closely related to the conduct of the exchanges that 
any paper on this subject should devote at least a para- 
graph to the methods of the exchange. When futures 
decline the planter wants the exchange investigated; 
when futures advance the spinner has his grievance, 
alleging that speculation is putting the market up, not 
the law of supply and demand. Opinions vary, and 
many spinners as well as producers of raw cotton think 



that there should be a change in the conduct of busi- 
ness in cotton futures. There will be speculation so long 
as there are exchanges, but an exchange dealing with such 
necessities of life as cotton should limit speculation as 
much as possible. Today speculation and not legiti- 
mate business to a certain extent controls the cotton 
exchange. I quote from "Cotton" by George Bigwood, 
on this point: "The illegitimate speculator was the 
grower, the merchant, or the spinner who simply dealt 
in 'futures' selling that which he did not possess, or buy- 
ing that which he did not want to use. The illegitimate 
buyer acts for his own personal gain, and has proved him- 
self, whether grower, merchant, spinner, manufacturer, 
or financier, to be a pure gambler, and the greatest menace 
to the industry. Gigantic speculation in cotton robs the 
grower, the spinner and the manufacturer of the legiti- 
mate return on their capital and for their labor. It robs 
the laborer of his work and his wages; it prevents men 
using their best energies in the growing, the spinning, the 
manufacture and the sale of their productions." 

The business of buying or selling on the cotton ex- 
changes has become too easy. A person who buys or 
sells a hundred shares of stock on the stock exchange 
must either pay for same or deliver the stock as the case 
may be. This naturally restricts the trading and, while 
there are fluctuations, there is not the action found in 
the cotton exchange. I do not intend to recommend 
what changes are necessary, as this involves complex 
problems requiring expert knowledge and careful study, 
but I do say that buying cotton for future delivery would 
be very much simplified if speculation in cotton on the 
exchanges could be eliminated. There is no legitimate 
reason why the differences between months in the same 
season should be more than the carrying charges, as con- 
ditions governing are practically the same; if the specu- 
lative interest did not overshadow the legitimate business 
interests this would be the only difference. At present 
no owner of actual cotton is safe in carrying same by 
selling futures against such cotton unless he sells same 
before the time of delivery of his contracts. If he shifts 
from January to March or from December to March, in- 
stead of making the change by paying the carrying charges 
between the two months, he may find he is being ground 
between two mill stones. In buying his near months he 
is obliged to pay a premium because the speculative 
element has cornered that month, and in selling the far 
months he finds same at a considerable discount, thus 
facing a considerable loss by the transfer. He has no 
other recourse but to deliver the cotton, and this is not 
always convenient. Such a condition should be cor- 
rected, and would be very much alleviated if deliveries 
were made at points outside of the location of the ex- 
changes. Under the new contract the great differences 
between months have apparently ceased, and changes 
to forw'ard months can be normally made without the 
loss incident to speculative periods. 

I have frequently heard persons representing all branches 
of the cotton world almost demand in highly speculative 
periods that the cotton exchange be closed. Every great 
business can be improved and the cotton exchange is no 
exception, and yet without the medium of the cotton 
exchange the cotton interests would be in the same posi- 
tion as a ship without a rudder in a storm at sea. The 
exchange, the only protection to the grower and the manu- 
facturer, is the clearing house of the textile world. With- 
out such protection the entire cotton interests would 
become one huge gamble and the present speculation, 
when compared to this condition, would be like compar- 
ing a "piker" to a large operator. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 163 



The word "stabilization" is being more treely used 
every day and is considered by many people to be the 
panacea for all our present and past troubles; everything 
is topsy-turvy, and the world must return to stable con- 
ditions if we wish the unrest to cease. Undoubtedly 
the stabilization of the cotton market could at least 
partiallv help the manufacturer in the conduct of his 
business. Many manufacturers are very firm in their 
belief that much of the violent fluctuations in the market 
could be entirely eliminated if the government would 
decrease the number of reports on weather, condition 
and acreage. These reports form the basis of the trend 
of the market, and for the most part make very little 
difference to- legitimate traders. One report is hardly 
announced before the uncertainty oi the next report 
becomes a market factor. The trade is kept thoroughly 
informed from the private reports, which are, more or 
less, reflections of those made by the government; these 
reports do not, however, have the official standing of the 
government figures, and consequently do not cause the 
wide variations. In the course of the season we have 
the weekly weather reports, the acreage estimates, the 
condition figures and the bi-weekly ginning figures. If 
the weekly weather report is not exactly what is expected 
the market reacts or advances as the case may be, several 
points if conditions are sensitive, and they seem to be 
sensitive most of the time now. The ginning and acre- 
age reports cause wider fluctuations, while the monthly 
condition figures frequently cause the limit set by the 
rules of the exchange to become operative. Orders to 
buy or sell are given on these condition figures if the 
report is above or below the figure expected; this, not- 
withstanding the fact that developments in the area 
devoted to cotton may have changed materially since 
the date on which the report was made. The final esti- 
mate made in December of each year by the Department 
of Agriculture as to the size of the crop is the most im- 
portant report of the cotton season; this report has be- 
come the basis of sensational fluctuations, as it is freely 
used by the speculative element in the market. These 
reports make very little difference to legitimate traders, 
but they form the basis for rank speculation, and so the 
legitimate interests are made to suffer. These condi- 
tions have a direct effect on the buying of cotton by 
spinners, and certainly complicate the buying for future 
delivery. Many manufacturers and sound cotton mer- 
chants would welcome the abolishing of these reports, 
with the effort in compiling them turned to other channels. 
\\ hether buying for immediate or future delivery the 
manufacturer, like every other merchant, aims to buy as 
low as possible and on as favorable terms. For such 
a position he cannot be blamed. There has been more or 
less talk recently about concerted action on the part of 
manufacturers to depress the price of cotton. I am very 
glad to have the opportunity to state that in my own 
experience of nearly thirty years of active participation 
in the manufacturing end I never knew of a textile man 
even advocating any scheme having as its aim the lower- 
ing of cotton values. All manufacturers aim to buy 
not only cotton but money and all their supplies as cheaply 
as possible. In recent years, as a member of one of the 
important committees concerned with the buying of 
cotton, I have had the pleasure of close association with 
manufacturers, and no mention was ever made which 
had the slightest reference to depressing the cotton 
market; our efforts in the past few years have been only 
to improve the conditions surrounding the crop. What 
has already been accomplished means infinitely more 
to the producer in money value than to the spinner. 



We have carefully avoided the (jucstion of the price 
of cotton, as the subject is too complex; and yet there 
are two or three points regarding the price which deserve 
at least passing notice. Cotton manufacturers appre- 
ciate fully that one part of a country cannot continue to 
be successful at the expense of the remaining part; for 
this reason they do not want to purchase their raw cotton 
at a price below the cost of production any more than 
they want to sell their goods on the same basis. Cotton 
supplies the clothing for the poorest people in the world 
as well as the richest. For this reason, outside of any 
humanitarian reason, cotton interests should not hold 
for extreme prices nor use artificial means to limit pro- 
duction, as in the long run such a policy would not be 
advantageous. There is an old proverb in the best book 
of political economy that the world knows: "There is 
that scattereth and yet increaseth, and there is that 
withholdeth more than is meet, but it tendeth to poverty." 
As cotton is the chief factor in the cost of the manu- 
factured product, labor is one of the chief factors in the 
cost of cotton. Labor is becoming so autocratic in its 
demands that there is no stability to any business. The 
whole world is accused of profiteering, and there is more 
or less truth in the accusation, but labor itself is in no 
position at present to accuse anyone without first taking 
the mote from its own eyes. 

The radical labor element makes the broad assertion 
that wealth comes from the earth, that labor has taken 
this wealth from the earth, and consequently is entitled 
to all the returns from this wealth. This element loses 
sight of the great fact that God created this wealth and 
made man in His own image, endowing him with different 
qualities, giving each a particular work to do, according 
to his abihty. A spade simply as a spade is valueless; 
the power of labor behind the spade makes it of value, 
and the directive force behind labor makes the spade 
productive. The parable of the talents is as true today 
as two thousand years ago; the talents which the Creator 
gave His children were given to be used and the world 
must necessarily suffer if they are not used to their full 
power. Capital, Land and Labor are all necessary to 
production; they each have their place and are each 
entitled to their reward. They are the means of pro- 
duction, but are valueless without a guiding hand, which 
may be called the Enterpriser who furnishes the directive 
force to accomplish the end sought or the production 
desired. The Enterpriser is certainly entitled to his 
reward. These four elements must pull together and 
must share in the returns of their efforts. The division 
must be equitable; if the returns of labor have been in- 
creased one hundred per cent, the returns to land and 
capital should also be increased, otherwise one of the 
great elements of wealth is receiving more than its share. 
If Land, Labor and Capital are all receiving the increase, 
the Enterpriser who directs and takes the chances should 
receive his increase as well. The world today requires 
the combined strength of the four great elements of pro- 
duction more than ever before in its history. We are 
deluged with methods and schemes to bring peace to an 
overwrought world and to quiet the unrest. What the 
world needs is not methods, but to have the spirit of the 
Great Teacher instilled in our hearts; the spirit of sacri- 
fice, of kindness and of love. Then rest and peace will 
come and there will be need of nothing else. 

Mr. Yarbrough (Texas) : I would like to know if 
it is essential to sell two million bales to hedge on a fifteen 
million bale cotton crop between the spinner and the 
purchaser. 

The Chairman: No, it is not. I would say of my 



164 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



own information and knowledge of the business that it 
is not, but that a fifteen miUion bale crop is not sold in 
one transaction. It is turned over a great number of 
times from the time it first leaves the producer to the 
time it reaches the spinner. If I have some cotton that 
I want to hedge on, I may sell that cotton to you, and 
then if you want to hedge on it you sell it to somebody 
else. That same one hundred bales of cotton may be 
the subject of a dozen transactions. (Applause.) 

Mr. Thurmond (Shreveport): I would like to ask if 
there are not hundreds of millions of bales sold in New 
York especially, or in New Orleans, for that matter, by 
parties who do not expect to ever see that cotton — and 
wouldn't, know what to do with it if they got it — men 
who never saw a cotton plantation and who wouldn't 
know a boll weevil from a locust. 

The Chairman: This is, of course, a very important 
and complex subject. Time is limited and I am not here 
as an apologist for future trading. I may also say that 
I am not here to take the other side. I am simply pre- 
siding over the discussion. 

Mr. Thurmond: Well, then, please transfer the ques- 
tion to the party that read that paper, and get him to 
answer the question, and tell me when all this hedging 
goes on just who pays the difference. 

The Chairman: The speculator. 

Mr. Thurmond: Well, suppose they hedge, both 
buying and selling, who eventually pays the difference.'' 
I have never been able to get a cotton buyer to 
tell me. 

The Chairman: If you will permit me just one minute 
— I do not want to take up the time of the convention 
and for that reason I will not go to any extent into this 
very complex subject. If you desire in your business to 
hedge spot cotton that you may have it is a perfectly 
legitimate transaction if you can find somebody to buy 
it. If the gentleman over here in his business finds it 
necessary to buy some cotton to hedge his sales, it is a 
perfectly legitimate transaction if he can go into the 
market and find somebody who is willing to sell him. 
In the last analysis the speculator is the man who sells 
to you and who buys from you. The speculator is the 
man who sells to this gentleman on the other side. The 
hedging utility or the hedging use of the cotton exchange 
is made possible by the fact that there are people who 
are willing to speculate on the one side, and there are 
people who are willing to speculate on the other side, 
and the man who does not want to speculate but wants 
to hedge takes advantage of these people who do specu- 
late. I have always held that there should be safeguards 
put around the trading on exchanges. Methods have 
been vastly improved in recent years, especially since the 
adoption of the Smith-Lever Law. There is room for 
further improvement, but you cannot sell a corhmodity 
unless you can find somebody to buy it, and if you elimi- 
nate the speculator from future trading you elimi- 
nate the hedging utility of the future market; and if you 
eliminate it you will have a condition of unprogressive- 
ness. We must not let speculation run away with us, 
but if the venturesome wants to take a chance, I think 
we will have to let him continue to do it. 

Mr. MacColl: Mr. Chairman, will you kindly tell 
us how it is or why it is that the wool trade of the world, 
which is of tremendous magnitude, is carried on without 
any future market, and with a great deal more stability, 
under better conditions and under safer conditions for 
both the producer and the manufacturer than the cotton 
market. I am a wool manufacturer as well as a cotton 



manufacturer. I know something of both — perhaps not 
a great deal — but certainly it seems to me that the wool 
trade of the world is on a much more satisfactory basis 
without any future market than is the cotton trade of 
the world where there is a big speculative market. 

A letter from Sir Charles Macara of Manchester, 
addressed to the President of this Conference, has 
recently been published in English and American 
papers, in which Sir Charles condemns strongly the 
influence of speculation upon the cotton industry. 

The exchanges should, in my opinion, endeavor to 
eliminate any objectionable speculative features of 
future trading and thus prevent the necessity for 
further legislation, which might be detrimental to the 
exchanges. 

Mr. Gilmer (Texas): Mr. Chairman, I do not care 
how many times you turn over a contract. You can 
split it as often as you please, but what I want to know is 
why cotton on the exchange changes its value every time 
the heart beats 222 times, and sometimes as much as ten 
dollars a bale. Gentlemen, it is almost ridiculous to tell 
me that a commodity that it takes twelve months to pro- 
duce and takes another twelve months to get through the 
process of manufacture should change its value as much 
as ten dollars a bale in a few minutes, and I think there 
should be something done to obviate these violent fluc- 
tuations. I believe as business men we should get to- 
gether and do something to eliminate that wrongful and 
ridiculous feature which has come about as a result of 
gambling operations. There is no question about that. 
The gentleman spoke a little while ago of the Weather 
Bureau changing the price of cotton. It does not even 
take that much. The whole thing should be put on a 
business basis. I believe the American people and the 
cotton producers and the cotton manufacturers can get 
together and fix on a process that will stabilize in a mea- 
sure the price of cotton for longer than two minutes at a 
time. I know that the cotton producers will be glad to 
help you do it. 

Mr. Cooley (Texas) : Gentlemen, I am here as a rep- 
resentative of the cotton growers of East Texas. I 
hope that the business and the speeches of this meeting 
will result in price harmony. I am of that class of men 
who make the cotton — ■ who till the soil. We folks up 
in East Texas want a system that will insure a price for 
cotton above the cost of its production. I am willing 
to meet these European spinners and these people from 
all parts of the world, and if possible effect a system that 
will benefit the cotton grower of East Texas. When he 
is benefited, my friend from South Africa will be bene- 
fited also, although he says the boll weevil was never 
there, but I dare say the bale weevil will get to South 
Africa if he is not already there. (Laughter.) 

Now, I want to say that I appreciate in the highest 
terms all that these gentlemen have said, but, my friends, 
we must first, last and always depend upon love, pride 
and honor. It is not the part of business to fight the other 
fellow because he does not come in and line up with you 
the first dash. The question is to harmonize this matter 
and to get the best out of it that we can. Now, my Texas 
friends at home told me, "There are two things we want 
you to recommend to that Convention: first, some plan 
by which a bale of cotton should not lose so much weight 
from the little warehouse in the country to the foreign 
market, and the establishment of a system, if possible, 
to hold the first weight of that bale — let it be based all 
on honorable conditions in the foreign market"; and 
second, to effect, if possible, means to stop the fluctua- 



OFFICIAL RFPORT OF THE WORLD COTTON CONFERENCE 165 



tion of cotton so much. Those are the only two ques- 
tions. 

1 tell vou the American cotton farmer can Hve 
even it he does not make cotton. He can raise peanuts, 
or sweet potatoes, or he can grow' watermelons, and he 
can make a living out ot it. But, my friends, we don't 
want to do that. We want to produce cotton and clothe 
the world, because children in far distant countries need 
it and we are willing to do our part to help them 
get it. 

C. S. Miller (Texas): I listened to the article just 
read with a great deal of pleasure. I am in the banking 
business and I am also a producer because I have rented 
out farms. I have always stood by the growers. I have 
had men constantly coming to my bank and I know that 
they go to other bankers, of course, to get the bankers' 
idea on the price of cotton. You will find in the country 
towns that the farmers generally go to the bankers and 
ask their opinion as to what cotton should sell at, and I 
am glad to know that the spinners of the North and of 
England have now conceded the right to the South to 
ask the price that they are going to get for their products, 
and that they have conceded that the producer is entitled 
to get a price above the cost of production — not only 
the cost of production, but a reasonable American living 
profit. They seem now to have granted that. Now, I 
think, gentlemen and friends, and producers, that it is 
up to us every fall to fix the cost of production. We 
cannot set the price that it will bring tomorrow, or this 
year, or next year, but we can reasonably arrive at some 
figure that is somewhat near the cost of the production 
in the entire South. In Texas, I know that our govern- 
ment officials and other instrumentalities of farmers 
figure the cost of production at 44 cents. There was a 
committee that met, I believe, here in New Orleans, that 
suggested a price — they did not fix any price — and we 
did not want them to fix any price, but we do w^ant a 
committee representing the government officials and the 
banking interest and the business men every fall to get 
together and arrive as near as possible at a reasonable 
cost of production of cotton in the South. When the 
bankers have that information, or some approximate 
figures, on which to work, then you will find every country 
banker in a position where he will not force the farmer to 
sell his cotton to pay his debts. If he knows what it is 
costing to produce that cotton, the banker will say to the 
farmer: "Unless you get that price, or something very 
near it, you hold on to your cotton." He will say: "We 
will carry your debt. Hold your cotton. We can stand 
it and we will stay by you." That is the only way that 
we can get at the cost of production, and if the Southern 
bankers and the Southern men and the Southern farmers 
stand together as long as it is necessary to do so to secure 
a reasonable profit for the man who makes the cotton, it 
is going to benefit us all. That price may not apply 
equally all over the cotton territory. It may not apply 
in one place the same as another, but we all know that 
if the South as a whole does not get the cost of production 
it is going backward, and we bankers have got to stand 
together. Whenever the farmer gets that reasonable 
price for his cotton, then the banker has fulfilled his part. 
If the farmer wants to speculate after he has had an op- 
portunity of getting that price, then he has got to do so at 
his own risk. The banker can say to him: "You pay 
your debts. You have been offered your cost of produc- 
tion and a reasonable profit on it, and we want you to 
pay your debts. After you do that, if you have money 
to hold the balance of your cotton, that is up to you. You 
can speculate with the balance of what you have, but 



you cannot call on me as a banker to help you hang on 
to your cotton for purely speculative purposes." The 
banker and the business men are just as much interested 
in the success of the cotton farmer in getting his cost of 
production and his profit as is the farmer himself. 

Mr. Lee (Louisiana): The question has been brought 
up about speculation on the market, and a great many 
people discuss the exchanges and condemn them when 
they don't know a great deal about them. I am a cotton 
farmer, but I don't want to see the exchanges condemned 
without a hearing. You see cotton goes up, and we have 
a howl about the cornering of the cotton market and then 
we hear about the poor people that have to be clothed. 
The future contracts today are selling under the spot 
market, and they have for some time; but I don't see that 
futures are running under the spot market at all. If the 
farmer was buying cotton, he would buy futures instead 
of spot cotton, because they are the cheaper. Now, the 
spinner has been buying and selling futures. Instead of 
going out in the country and buying our cotton at such 
enormous premiums over the future contracts which are 
governed by the government standards — and they don't 
have to take any low-grade cotton on those contracts — ■ 
why doesn't he go on the exchange here in New Orleans 
and buy this cotton.'' That is one thing I don't under- 
stand. 

The Chairman: I see on the platform Mr. Arthur R. 
Marsh, of New York. I am sure the Convention will 
be glad to hear from him, because he is somewhat of an 
authority on the question of future trading. 

Mr. Marsh: Mr. Chairman, and Gentlemen: I was 
not prepared to speak tonight, and I shall have to speak, 
I am afraid, with a very evident lack of preparation. I 
have been interested in the questions that have been 
asked here tonight, and perhaps I can answer one or two 
of them at least. One of these questions was: Why is 
it that in order to distribute a crop of fifteen million bales, 
two or three million bales of future contracts have to be 
sold.f' I am going to ask that question in another way. 
Why is it that in. order that the spinners of the world may 
obtain fifteen million bales of cotton for their consump- 
tion, two or three hundred million bales of futures have to 
be bought f It is perfectly obvious if two or three hundred 
million bales of futures are sold, two or three hundred 
million bales of futures are bought. I ask you, gentle- 
men, particularly those who are cotton producers, and 
are representatives of cotton producers, to ponder the 
question, not from your customary standard of the 
amount of cotton that is sold, but from the point of view 
of the amount of cotton that is bought on the future 
market. Every bale of cotton that is sold is bought 
by somebody; that is a self-evident fact. Of course, 
the truth is, that those who are hedging cotton on the 
future market, whether they are selling hedges against 
cotton they have in their possession, or buying hedges 
against future commitments, either in cotton or cotton 
goods, are continually buying one position and selling 
another; buying one market and selling another; in other 
words, transferring their hedges from position to position, 
as the varying demand and the varying supply of con- 
tracts in the great markets of the world make it ad- 
vantageous to do so; and to the cotton merchant who 
uses the cotton exchanges, American cotton is a world 
affair. It is not purely an American affair; if it were, 
if our great cotton crop were to be dealt with by the 
merchants purely as an American affair, the business of 
cotton would go to nothing, because we raise every year 
six to eight million bales more than we consume. It is 
the object of the cotton merchants who deal upon the 



166 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



exchanges, and who are the chief buyers and sellers of 
the two or three hundred million bales of future products, 
to so make use of the world markets for American cotton 
as to produce an equitable distribution at the best price 
that can be obtained. 

Now, I am going to answer another question, and that 
was put by Mr. MacColl, who expressed the opinion 
that the woolen business is much more stable and satis- 
factorily conducted than the cotton business. I happen 
to know something about the woolen business; not from 
my own experience, but from experience of members of 
my family. There are no hedges in the woolen business, 
there are no woolen exchanges, for the reason that woolen 
manufacturers will not buy wool "in the grease," as it 
is called. No two men, however expert, ever agreed 
upon the amount of washed wool that will come from a 
certain amount of wool in the grease. It is therefore 
impossible to make a contract in wool in the grease, be- 
cause no two men will agree. 

Mr. MacColl: May I interrupt you.? Three-fourths 
of the wool is bought in the grease. 

Mr. Marsh: It is bought in the grease, because the 
manufacturers individually wish to wash it themselves. 
But no two men will agree as to whether the wool will 
wash fifty per cent or fifty-five per cent or sixty per 
cent. 

Mr. MacColl: Any woolen man knows that is perfectly 
absurd. 

Mr. Marsh: I have seen two woolen men in a woolen 
warehouse differ fifty per cent on what you could get. 
Mr. MacColl tells me there is nothmg in it, and I confess I 
am speakmg from what has been told me, but certain it 
is that every effort to devise a contract for the sale of wool 
in the grease which would be acceptable to the trade has 
failed. There are contracts for the sale of wool, washed 
wool, and wool tops, in use on the continent of Europe, 
but we have not those contracts in this country. Now, 
what is the result, in the matter of price, of the fact that 
there is no future market for wool.? The result is that 
the merchant of raw wool, when he buys his raw wool 
from the producer, calculates a margin over and above 
all expenses of about fifteen per cent. Why does he cal- 
culate fifteen per cent when the cotton merchant calcu- 
lates a margin of about one per cent.? The woolen mer- 
chant calculates fifteen times the margin between what 
he pays the producer and what he expects to get from the 
manufacturer that the cotton merchant calculates. The 
result is, that the fluctuations in the price of wool, when 
they occur, are very much more violent than the fluc- 
tuations in the price of cotton. I suppose Mr. MacColl 
will not agree with me upon this point, but my informa- 
tion came from a cousin of mine who was in the woolen 
business for a great many years, and upon a very large 
scale, and he frequently assured me that although they 
calculated fifteen per cent difference between the price 
they paid the producer and the price they expected to 
get from the consumer, the woolen business was one in 
which you had to take five years before you knew whether 
there was a profit or a loss in your business. 

The effect of cotton contracts is to narrow the margin 
upon which the cotton merchant works. The cotton 
merchant does not attempt to say what the price of cotton 
should be; he takes the market as it is; he knows that 
there are great forces working, but what their effect will 
be in the future, he does not calculate, because his busi- 
ness is to buy cotton today, and either sell it to manu- 
facturers, or protect it by some kind of insurance until 
he can sell it; and the insurance he uses is selling a hedge 
of future contracts to the cotton market. The selling of 



contracts on the markets is insurance; it is not specula- 
tion, and it is not intended to be. The result is that the 
cotton merchant can buy upon a narrower margin be- 
tween his buying price and selling price, than any other 
merchant in the world. Now, it seems to me that the 
cotton producer will do well to consider whether it is not 
an advantage to him to have a system maintained in which 
the margin calculated by the merchant is so extremely 
narrow as one per cent. Can you find any other busi- 
ness in which the margin calculated by the merchant is as 
small as that.? There is not any in the world, unless it 
be wheat, corn and other commodities of a similar char- 
acter which can be protected by the purchase and sale 
of future contracts. 

Mr. Carlson (North Texas) : The farmer sees a 
"nigger in the wood pile." If I were to go on the market, 
and sell a bale of cotton for ten cents a pound, it would 
affect the market. Well, here is where the farmer balks. 
I would not have to deliver that cotton. All I would 
have to deliver is the money to the exchange. Now, 
what the farmer wants is, if you sell me cotton — I am 
the producer — -I want you to deliver the cotton. Come 
to us farmers to get your cotton. (Laughter.) We 
don't want you to sell our cotton for less than the cost of 
production, and then just turn over the money. Come 
to the producer to get your cotton, and you can sell all 
the cotton you want. Force those poor old farmers to 
make up the loss. We balk right here. When you sell 
something you haven't got — sell twice as much — you 
admit it — millions admit it — (laughter) it is when you 
sell cotton and are not forced to deliver the cotton. When 
you sell cotton, gentlemen, then you should be forced to 
deliver cotton, and not money. If you will deliver the 
cotton, the farmer will not bother the exchange; but if 
you just rake the money off, he is the fellow that suffers. 
You can make your millions, or you can lose your mil- 
lions — you fellows buck against one another. (Much 
laughter.) The farmers work and don't make much. 
You told us a few years ago we produced too much. In 
1914 when we sold for five or six cents, the war was on; 
we pocketed the loss, didn't we.? But we don't want to 
take it from you fellows now, at all. We have got the 
goods, and we are willing to do right about it. We will 
meet you halfway, but we want to eliminate all this — 
we do hate to be burdened with any such incubus. 
(Laughter.) We want to make the man who sells the 
cotton, deliver the cotton. Do you force the man to 
deliver the cotton.? 

Mr. Marsh: Every bale of cotton that is bought on 
the New York or New Orleans exchange is by the rules 
of the exchange delivered. It must be. There is no 
escape. Absolutely there is no escape. Every hundred 
bales of cotton that is sold on the New York Cotton Ex- 
change or the New Orleans is delivered. Every hundred 
bales of cotton that is bought on the New York or New 
Orleans Cotton Exchange is received. There are hun- 
dreds of millions of bales bought and sold and every bale 
is received or delivered as the case may be. 

Mr. Carlson: How can you deliver a hundred million 
bales of cotton .? (Laughter.) 

Mr. Marsh: It is, of course, obvious that a hundred 
million bales of cotton cannot on one occasion or in a 
given period of a week or year, at one time, be handed 
over from one side to another; that is perfectly plain to 
anybody, but it is also perfectly plain that if a hundred 
bales of cotton are delivered by one man to a second man, 
by the second man to a third man, and by the third man 
to the fourth man, until you get to the twentieth man, 
and then the twentieth man to the twenty-first man and 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 167 



then the twenty-first man to the twenty-second man and 
so on until it pets to the fortieth man and the fortieth 
man has dehvered it to the forty-first man, that you can 
easily have a hundred mdlion or two hundred nuUion 
bales of cotton deinered. 

The Chairman: Without any intention of choking 
off further debate, the hour is getting late, and in justice 
to a gentleman who is on the regular program, I would 
suggest that we pass on to the regular order. 

The last paper is on "Improved Methods of Financing 
Cotton," and will be presented by Mr. John Bolinger, 
who is foreign credit expert of the Shawmut National 
Bank of Boston and is fully qualified to discuss this very 
important subject. (Applause.) 

Mr. Bolinger: This gathering together of represen- 
tatives of every department of a great industry sets an 
mspiring example to other great industrial groups through- 
out the world. It is only through this bringing together 
of men of such wide practical experience, and broad views, 
representing all sides of industry and finance, that we can 
expect a satisfactory solution of the world's problems. 
In no other way would it have been possible to deal with 
the world cotton problem, rendered more difficult of solu- 
tion by wide variations in its details, due to differences 
arising from national, economic, industrial or financial 
conditions. This conference has afforded the foreign 
representatives an opportunity for intimate study of the 
methods by w'hich w'e handle this most important American 
staple, from the planting of the seed to the marketing of 
the manufactured product. 

It may be interesting to note that the American cotton 
industry has in the past safely withstood two serious 
crises. The establishment of state banks, and their 
practical support of the cotton growing industry, not 
only undid the damage resulting from the failure of the 
United States Bank, but gave an impetus to every phase 
of the cotton industry. During and after the Civil War, 
the cotton industry suffered more perhaps than any other. 
The Morrill Act of 1861, putting a duty on raw cotton, 
and the subsequent passage of the War Tariff Act aided 
in its rehabilitation. 

After a lapse of sixty years we find the cotton industry 
once more shaken by conditions that are the outgrowth 
of war. Today, however, the problem has become a 
world problem, and, fortunately, it is recognized as a 
world problem, as this gathering so eloquently testifies. 
World conditions that are attributable to the war have 
made the question of future financing of cotton, from soil 
to user, one of the most pressing problems growing out 
of the past five years of strife. 

The fixing of the date for the conference was especially 
fortunate in view of the conditions that have developed 
with regard to foreign exchange rates. The present ex- 
change situation is one which seriously complicates the 
problem of cotton financing. Its effect upon our export 
trade in general can be seen in the drop of three hundred 
million dollars in value of our exports from the July 
level. The premium on dollars, today, represents a con- 
siderable item to be added to the increase in commodity 
prices. Some assistance in the way of correcting this 
situation may be looked for in the form of direct credits 
or loans. Whatever form it takes, it is imperative that 
some sound method should be devised which will enable 
the nations of Europe to get to work in repairing the 
damage due to the war. In rebuilding this country after 
the Civil War, the men of the Southern States provided 
an inspiring example of the sort of courage and enterprise 
which I am confident Europe can and will emulate. 



In so far as our financial problems are concerned with 
the financing of cotton, it is encouraging to note that we 
are better equipped for the task than we were before the 
war. The creation of the Federal Reserve Bank system 
in 1914 provided us with a financial eciuipment so com- 
plete and so flexible that it has met successfully every 
extraordinary demand made upon it during the past five 
years. Most important among the benefits resulting 
from its adoption has been its value in financing our vast 
crops of cotton and other raw staples. This has been 
particularly true in the case of cotton, both because of 
the great size of the crop and the extent of the market 
for both raw and manufactured cotton. 

It requires more money to finance the cotton crop than 
any other of the principal crops raised in the United States. 
The important part played by hand cultivation in the 
planting and picking of cotton is in a large measure re- 
sponsible for this. In view of the natural difficulties 
associated with financing cotton the necessity should 
be apparent for employing the most economical and effi- 
cient means available. 

Following the beginning of the crop movement, around 
September ist the first demand for funds is made upon 
local banks in the interior farming districts. These 
banks in turn call on the larger banking institutions in 
the cities. These first calls are usually for funds to pay 
labor employed in picking and harvesting the crop, and 
to assist the oil mills in handling seed. In localities 
where the farms are small, the farmer is generally financed 
by the local store-keeper from the time of planting until 
the crop is harvested. They supply him with food, tools 
and needed materials up to a sum representing about 
forty per cent on the estimated value of his crop. In 
the case of tenant farmers on large plantations, under 
syndicate or corporation control, the corporation will 
generally extend assistance to the individual farmer 
through its own stores or other agencies. Aside from 
these, many farmers have sufficient means to enable 
them to handle their crops of cotton without assistance. 
The factors are, of course, dependent on their local banks 
for assistance in carrying the farmers. As a result the 
local banker may find his credit fairly well extended by 
the time the crop begins to move. 

Financing of the factors or cotton brokers represents 
the next step. Bankers in the towns where the cotton 
gins are located arrange for payment for the cotton sold 
by the factors, furnishing cash against tickets issued to 
the buyers. These tickets the banks hold as collateral. 
When sufficient cotton has been accumulated to permit 
of making a shipment, the local banker delivers the tickets 
to the agent of the railroad in town and receives a bill 
of lading covering shipment to a compress point. A 
number of such shipments from points throughout the 
district may be required to fill an order. As none of it 
can be realized upon until the full quantity has been 
accumulated a large amount of funds is necessarily tied 
up as a result of advances made by local bankers. 

After the arrival of the cotton at concentration points 
come the demands of mills and cotton exporters. These 
demands begin about October and continue throughout 
the winter. From the time the cotton is gathered, until 
it has been converted into a manufactured product, 
fully six months' time must elapse under the most favor- 
able conditions of trade. A phase of the cotton financing 
problem not generally appreciated is represented in the 
demand of oil mills, manufacturers of fertilizer and other 
by-products of the cotton industry. 

As I have already said, the passage of the Federal 
Reserve Act was of the first importance in supplying a 



168 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



satisfactory medium for the financing of the movement of 
the cotton crop. The old system of financing on a basis 
of single name commercial paper is giving way to the use 
of acceptances and of advances against overdrafts. The 
advantages resulting from the acceptance system have 
been made possible by the provisions of the Federal Re- 
serve Act. 

Whde many local bankers and cotton shippers through- 
out the South have recognized the advantage of using 
acceptances the use of these instruments has not yet be- 
come general. There can be little question that the size 
of a single crop of cotton raised in the South will con- 
tinue to make it necessary that outside capital be avail- 
able for the task of financing it. The use of acceptances 
represents an ideal method for furnishing such assistance, 
as It makes available new and wide sources of funds. 

While many of you gentlemen are, of course, familiar 
with the method of using "acceptances" for the financ- 
ing of cotton shipments, I may be pardoned for briefly 
describing typical transactions in which they may be 
employed. To begin with a domestic transaction: A 
Boston cotton broker purchases cotton to the value of 
$5o,cco from a dealer in Galveston. As the Galveston 
man wants immediate payment for the staple, the buyer 
arranges with his bank in Boston for an acceptance credit 
for ninety days; that being the time he will need to turn 
the cotton by resale. The Boston bank notifies the 
Galveston cotton dealer that they will "accept" his draft, 
drawn at ninety days' sight, for $50,000 provided bills 
of lading and other documents are attached to the draft 
when presented. The Galveston dealer then delivers the 
cotton to a transportation company, secures a bill of lad- 
ing for the shipment, which he attaches with invoice and 
other documents to a draft on the Boston bank. Taking 
this draft and documents to his own bank in Galveston 
he discounts it and receives payment for his cotton. The 
draft and documents are then forwarded to Boston by 
the Galveston bank for "acceptance." After "accep- 
tance" the draft is returned to the Galveston bank, or 
it may be sold in the open market and the amount placed 
to credit of its account. The Boston bank retains title 
to the cotton until its customer provides for payment of 
the draft through the resale of the cotton. 

As an example of an export shipment of cotton financed 
by the shipper, the process may be outlined as follows: A 
Dallas cotton firm purchases from a local factor one thou- 
sand bales ot cotton at a cost of approximately $160,000, 
with the intention of shipping it on consignment to a 
dealer in Liverpool, England, and with the understand- 
ing that the cotton will be sold within a month after its 
arrival at Liverpool. As a precaution against loss from 
price fluctuation before the final sale of the cotton is made, 
the Dallas firm "hedges" their purchase by selling futures 
against it. They then arrange with their local bank for 
financing the shipment of cotton from Dallas to Gal- 
veston and later to Liverpool. As the desired financing 
is to be done by the use of "acceptances," the Dallas 
firm arranges for an acceptance credit authorizing it 
to draw upon it at ninety days' sight, up to 80 per cent, 
or about $128,000 of the value of the cotton, provided, 
of course, that the railroad bills of lading are attached 
to the draft. After the bank has "accepted" this draft, 
it is sold in the open market and the proceeds are placed 
to the credit of the Dallas cotton firm which uses the 
funds to pay the seller of the cotton. In addition to the 
collateral security represented by the railroad bills of 
lading, the bank secures an "acceptance" agreement in 
which the Dallas firm pledges the one thousand bales of 
cotton as collateral for the credit. When shipment is 



to be made from Galveston to Liverpool the bank will 
arrange for such shipment and will receive and hold the 
ocean bills of lading covering it. In the meanwhile the 
Dallas firm will provide for marine insurance to cover the 
cotton while in transit to England. This policy will 
be turned over to the accepting bank. Shipment having 
been made, the bills of lading, insurance policy and other 
documents will be forwarded by the Dallas bank to its 
correspondent at Liverpool with instructions that they 
receive the cotton on its arrival and place it in the ware- 
house pending further advices. Upon arrival of the 
cotton at Liverpool the agents of the Dallas firm are 
notified. They proceed to make sale of the cotton to 
one of their customers. When the sale has been concluded, 
the Dallas bank instructs its correspondent at Liverpool 
to deliver the cotton to the buyer against payment of the 
invoice in English currency, or against an undertaking 
to pay the invoice within ten days. When the amount 
of the invoice has been collected it is placed by the Liver- 
pool bank to the credit of the accepting bank under ad- 
vice. The bank then converts the amount of the credit 
into dollars at current rates and applies the proceeds to 
the payment of its acceptance. 

Through the use of acceptance a local banker in a 
Southern cotton district is enabled to make more com- 
plete use of the credit facilities he may have available. 
It permits him to extend to his customers a full service 
based on economy of operation for meeting their financ- 
ing needs. In doing this the local banker has at his com- 
mand the full support which may be extended to him by 
his correspondent banks in Boston, New York, Chicago, 
New Orleans and other important financial centers. 

As indicated in the examples cited, a banker in a small 
Southern town may arrange for some outside bank to 
accept his customers' bills. After "acceptance" the 
Southern banker may discount these bills himself. These 
acceptances represent a form of investment not subject 
to restrictions as to amount which the cotton banker may 
take over as investments. They provide an admirable 
and liquid reserve against emergencies as they find a 
ready sale in the open market or in the Federal Reserve 
Bank. It may be impossible, through lack of funds, 
for the cotton banker to discount the acceptances him- 
self. In such case he has only to arrange with his corre- 
spondent bank which will not only "accept" a bill, but 
buy it afterwards, crediting to the Southern banker any 
profit on the transaction which may be due him. 

I should like to say a word about the necessity for 
developing a wider use of the trade acceptance in the 
financing of domestic shipments of cotton. There can 
be no question that the financing of cotton at the present 
time calls for the most economical and efficient use of our 
financial resources. It is important, however, that we 
take measures to insure that foreign and domestic trade 
shall bear its own special burden. Each should be financed 
by the means which can be employed most economically. 
Cotton shippers should be educated in the use of the 
trade acceptance for financing their domestic shipments, 
thus leaving full use of the banker's acceptance for employ- 
ment in its most important purpose, that of financing ex- 
port and import trade. 

The reason for this should be obvious. Under the 
Federal Reserve Law the aggregate amount which member 
banks are permitted to "accept" for financing domestic 
transactions is limited to fifty per cent of the bank's 
capital and surplus. In the case of import or export a 
bank may obtain authority to extend its credit through 
acceptances up to a full hundred per cent of its capital 
and surplus. It should be clear to everyone that the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 169 



unnecessary use ot hank acceptances for domestic financ- 
ing handicaps our effort toward the financing ot export 
and import husiness hy diminishing our credit resources 
otherwise avadahle tor that purpose. 

It is perhaps due to the untamiharit}' of some cotton 
shippers with the trade acceptance that a false impres- 
sion may exist as to their liabiHty under such an instru- 
ment. It is encouraging to note, however, that this im- 
pression is being gradually dispelled. Shippers are 
beginning to realize that their situation is no different as 
regards their liability under a trade acceptance than 
when, as in the past, they have shipped cotton to Europe 
and drawn at six months sight or longer, on foreign bankers 
or merchants. In either case theirs is only a contingent 
liability until paj'ment of the draft. 

There is every reason to expect that the recent enact- 
ment of state laws providing for the establishment of 
publicly owned cotton w^arehouses and development of 
various plans in connection with the warehousing of cotton, 
should prove of value as aids in dealing with the broad 
question of financing. The predicted purpose of the 
Federal Government to so amend the United States 
Cotton Warehouse Act that receipts for cotton will be 
negotiable at any bank is an indication of the practical 
preparation which is being made for safeguarding the 
future of the industry. 

The development of the warehousing policy should 
permit the marketing of the cotton staple according to 
the needs of the manufacturer. Apart from the general 
benefit in distributing the burden of financing more scien- 
tifically, marketing of the cotton crop from warehouses 
will mean the practical elimination of the enormous yearly 
weather loss due to the improper storing of cotton. A 
recently enacted Texas law marks a distinct advance 
toward a solution of the matter of local financing. Under 
the Federal Reserve Law a member bank may accept 
negotiable paper based on a non-perishable agricultural 
product. The Texas law permits corporations, having 
proper authority, to issue bills of exchange against cotton 
in warehouses and compresses. Such bills may be for 
three, six or twelve months, the corporation guaranteeing 
payment. 

The development of the cotton warehousing system of 
receipts, and the world-wide market for the staple, make 
cotton an ideal commodity for financing by the use of 
acceptances. It is to be hoped that expansion of the ware- 
housing system by legislation, and the development of a 
uniform method of classification of cotton, will promote a 
more general use of acceptances. 

A most important step toward promoting trade in 
cotton and other commodities, which unsettled conditions 
abroad make difficult without an expansion of financial 
facilities, is represented in the recent passage of the Edge 
Bill by the United States Senate without a dissenting vote. 
This bill will make it possible for organizations, under 
government control to engage in the task of rebuilding 
trade between the United States and foreign countries. 
It expands our national banking system, and will enable 
our banking institutions to cooperate more fully in export 
financing by granting them authority to invest in cor- 
porations formed under this act. The bill permits the 
creation of corporations which will engage in general 
banking business in connection with export trade, extend 
credit abroad, and loan money on real and personal prop- 
erty. 

Some time ago, I suggested the possibility of creating 

a so-called Bank of Reconstruction as a means for handling 

the problem of financing our sales to Europe. Certain 

eatures of this suggestion would be applicable to the 



financing of cotton and other raw materials and food 
stuffs. For the financing of cotton, and these other 
materials, provision would be made for sell-liquidating 
credits on a term of six months. Revolving credits similar 
to those employed recently in the case of Belgium might 
be adopted. For the financing of railway equipment, 
building and other construction material, machinery, etc., 
credits, to be liquidated by installments during a period 
of five years, might be granted. Branches of this Bank 
of Reconstruction might be established where necessary 
in Europe. They would control the distribution of the 
materials covered by the five-year credit and deliver 
them to purchasers against an advance of perhaps twenty 
per cent in cash, taking chattel mortgages for the balance. 
Against these mortgages these banks would issue their 
own mortgage bonds, to be guaranteed by the govern- 
ment of tbe country where the branch of the Bank of 
Reconstruction was located. These bonds would be 
payable in American dollars and redeemable in gold in 
the United States. A certain portion might be drawn and 
redeemed each year of the five-year term. The creation 
of such banks might provide essential support to the 
operation of corporations formed under the Edge Bill as 
such bonds might be purchased by them in payment for 
commodities shipped. 

I am hopeful that one of the results of this conference 
will be the development of a practical plan for meeting 
the problem of financing our foreign shipments of cotton. 
In view of the earnest spirit of cooperation everywhere 
manifested among delegates to the conference, I am 
encouraged in anticipating that a satisfactory solution 
will be found. I am convinced that this entire matter of 
financing of our future foreign trade, whether of cotton 
or of other commodities, is one calling for support by the 
general public. The people as a whole have profited 
largely during the past five years with but little cost to 
themselves and it is only right to expect that they will 
assume their proper share of the burden of financing the 
future trade of the country. I am confident that they 
are willing to accept their new responsibility in the matter 
to the extent of absorbing such investment securities as 
it may be found necessary to offer. 

Personally, I am not pessimistic of the future of the 
cotton industry. There is no doubt but we are passing 
through a very critical period. Fortunately, however, 
there is no good reason for believing that the future holds 
worse in store. The problems before us are admittedly 
serious but the nations represented here have success- 
fully solved even graver problems during the last five 
years. 

The Chairman: Is there any discussion.? If not, the 
Chair will entertain a motion to adjourn. 

{Upon motion made, and duly seconded and unanimously 
carried, the meeting was adjourned, at 11:05 P.M.) 



SIXTH SESSION 
Wednesday, October 15, 1919 

9:30 o'clock A.M. 

The Chairman: The conference will please come to 
order. 

We regret that so few are in attendance at this time, 
but in view of the fact that this will be a very short ses- 
sion, I feel that we are obliged to begin early. With 
apologies to the speakers who will begin the program, 



170 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



I now introduce Mr. S. L. Rogers, Director of the Census, 
who will speak to you on "The Value of Statistics." 

Mr. Rogers: In this World Cotton Conference, com- 
posed of men representing the great cotton industry in 
every phase of its activities, from the cultivation of the 
plant in the field to the sale of the finished fabric in the 
competitive markets of the world, I shall not assume the 
ability to impart information of a strictly economic or 
commercial character — for example, as to the best 
methods of producing and marketing the staple and manu- 
facturing it into its varied products — information you 
have already obtained by our experience, traming, and 
study. Appearing here as the representative and spokes- 
man of the principal statistical office of the United States, 
I prefer, in what I have to say, to stress the value of statis- 
tics, for the reason that I believe that statistics — and 
especially statistics in regard to commerce and industry 
■ — have never been fully appreciated by the public gener- 
ally, although unquestionably they are being appreciated 
to a greater degree today than ever before. It has been 
— and, for that matter, it still is — too common to brush 
statistics aside as the product of the theorist, or to neglect 
their use, in the belief that they are unreliable or have no 
practical utility, and to proceed uninformed with the 
enterprise m hand, trustmg to self-confidence, energy, 
and ability, for success and the development of the business. 

The time was when about the only information which 
the average business man, without regard to the magni- 
tude of his business, sought related to transportation and 
labor problems. He asked, "What are the freight rates .^ 
How shall I reach the trade.'' Where can I find my labor 
supply, and what will be its cost.?" The battle for suc- 
cess was tlien fought out in the reliance upon advantages 
accruing from the volume of business done, and sometimes 
from special privileges or monopoly, aided by the lack of 
experience or knowledge on the part of competitors. But 
the sagacious business man of today, making use of ap- 
plied science, research, and statistics, demonstrates his 
superiority over both the uninformed adventurer and the 
precedent-following plodder, so that at present even 
the average busmess man is no longer content with in- 
formation merely as to freight rates and labor supply but 
wants to know the sources of raw materials, the demand 
for his product, the location of advantageous markets, 
and the means of getting into such markets on an equal 
basis, most of which information involves the collection 
of statistics. Thus he finds it necessary to seek the as- 
sistance of statisticians as well as economists and other 
scientific investigators, and as a result scientific research 
and statistical investigation have been growing in the 
estimation of the business public. 

One of the instances of good coming out of evil is the 
extent to which this disastrous war just closed has shown 
the value — nay, the downright necessity — of statis- 
tical information along all sorts of lines, and the need for 
yet fuller and more comprehensive data than we now have. 
The far-sighted founders of our government provided 
for the collection and compilation of statistical informa- 
tion regarding the population, industries, and resources 
of the nation by means of the decennial census. Re- 
cently ■ — about seventeen years ago, in fact — the Census 
Cffice was made a permanent institution. The scope of 
its work has since expanded considerably, and in many 
ways it has demonstrated the wisdom of its creators; 
but it has taken a crisis like that through which we have 
just passed to bring a full appreciation of the value of 
this agency as a part of the governmental machinery. 
When that fateful hour arrived in which it became evi- 
dent that this peace-loving nation must draw its sword 



in the cause of freedom and come to the aid of the Allies 
in the terrific struggle against the threatened domination 
of the most formidable autocratic power that the world 
had ever known, the very first questions we had to con- 
sider called for statistics, no longer dry nor theoretical 
but vitally interesting and urgently important. "What 
can America do to help the war.?" was the one great 
question to which Europe was anxiously awaiting the 
answer. It was not a time for guesses or vague assur- 
ances; still less was it a time for boasting. We must be 
able to say what we could do and then do it. Statistics 
alone could furnish the necessary basis for our plans and 
our promises. First of all the government had to ascer- 
tain, almost in a day, what man power it could command 
for an army, or how many able-bodied men of military 
age there were within its borders. The fortunate pro- 
vision that the government had made in the establish- 
ment of a Census Office enabled it to answer its own ques- 
tion from the statistical record of its population by ages, 
classes, and sex. On the basis of the census it was esti- 
mated that some twenty-four millions of men of mil tary 
age were within its borders, of whom approximately ten 
millions were within the ages of twenty-one to thirty, 
inclusive. This estimate was shown by the subsequent 
registration to be within one per cent of the truth; and 
with a little study it appeared that without unduly de- 
pleting the man power of our industries an army of more 
than four millions of the physically finest and best that 
ever wore uniform could be called to maintain the cause 
of the Nation and of those with which it was associated 
in the most tremendous struggle in history. 

The Provost Marshal General, having in mind the 
necessity of keeping the army up to its lull fighting 
strength as its ranks were depleted by casualties and 
disease, next inquired how many men would reach the 
age of twenty-one in each succeeding year. The answer 
was immediately at hand — about one million. Again, 
he wanted to know how many men there were aged 
eighteen to twenty, inclusive, and thirty-two to forty- 
five, inclusive — figures which were readily supplied. 
And yet, I imagine, there were people who thought that 
the question "What is your age.?" on the census schedule 
indicated idle curiosity on the part of Uncle Sam, and that 
the data thereby obtained had only an academic interest. 
If time permitted I could illustrate the value of age statis- 
tics in peace as well as in war. 

Other demands for statistics soon followed. What 
was the extent of the material resources which we could 
draw upon, not only to maintain and equip our own po- 
tential army but, so far as possible, the armies already 
in the field and in sore need of our aid.? As a result of 
the wise foresight which I have already commended, the 
government had in its statistical bureaus data as to the 
cotton and woolen fabrics available in the storehouses 
of manufactures whereby these armies could be clothed; 
also as to the food products whereby they could be fed, 
including the supplies in our packing houses, refrigerating 
plants, elevators, and warehouses, as well as the number 
of live stock and the acreage of growing crops. Then 
there was the all-important question as to munitions with 
which to carry on the fight. The same source of informa- 
tion — Government records in the Bureau of the Census 
— gave the location of the country's manufacturing 
plants, their magnitude, equipment, and capacity. 

It is not always easy to obtain such statistics, the in- 
dustries affected sometimes protesting that the govern- 
ment wants to know too much about their individual 
business. It is to the credit of the manufacturers of 
leather goods, however, that when the question as to the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 171 



supply of these commodities was asked ot the govern- 
ment, it was possible to ascertain, ahnost to a pair, the 
number ot shoes they had in stock, also the harnesses 
tor the teams, the saddles tor the horses, the puttees for 
the men, and the helting for the machinery, and the quan- 
tities that they had the capacity to make daily. We 
were also informed as to structural materials and machin- 
ery, and how long the supplies on hand would last America 
and her allies. 

I have given hut a tew illustrations. Many others 
might he cited, all emphasizing the vital importance of 
statistics when it became necessary to organize the ma- 
chinery, economic resources, and man power of the nation 
on a war basis. In that crisis it was tound that we needed 
all the statistics we had, and more. In fact, it has been 
said that, notwithstanding the value of the available 
statistics, the war found us in a state of statistical un- 
preparedness, as a result of which we were obliged to 
create new statistical agencies and to widen the scope of 
the statistical field covered; and I presume, gentlemen, 
that, \\hatever differences of opinion there may be as to 
the desirability of maintaining a large army or adopting 
universal military service as a preparation for war, we 
shall all agree that when it comes to statistics the govern- 
ment ought to have at its command all the data requisite 
for the immediate and effective utilization of the natural 
resources in any crisis or emergency that may arise. 

But leaving out of consideration the occasion for an- 
other great war, which we should be glad to believe will 
never arise again, let us consider the need of statistics 
in the period of reconstruction upon which we are enter- 
ing. New conditions and new problems confront us 
involving a reorganization of our national life and a read- 
justment of international relationships affecting govern- 
ment, trade, and industry. We know that the rehabili- 
tation of a great part of the civilized industrial world is 
dependent upon the raw materials, manufactures, and 
financial aid of the more fortunate nations which have 
escaped the devastation of war; and if the common weal 
is to be attained in greatest possible measure, if the 
beneficial intercourse and future progress of humanity 
are to be assured, international relationships must be 
founded upon the solid basis of mutual confidence and 
understanding. The exact nature of the changes and re- 
adjustments which must be made cannot be foreseen; 
but there is every reason to believe that they will be pro- 
found and far-reaching. Probably there will be a closer 
and more efficient organization of our national resources 
than we have ever known before. This presupposes and 
will necessitate an intimate and exact knowledge of social 
and economic conditions, such as can be obtained only 
through the instrumentality of statistics. In order that 
just relations and fair dealing may prevail among the 
nations, we must know the facts regarding the popula- 
tion, trade, manufactures, agriculture, and natural re- 
sources not only of the United States but of foreign coun- 
tries as well: we must be able to measure statistically 
economic and social forces. Thus the need for accurate 
and up-to-date statistics is going to increase rather than 
diminish. 

Having emphasized the importance of statistics in 
general, I wish before closing to add a few words regard- 
ing that particular class of statistics in which this confer- 
ence is especially interested, namely, the statistics of 
cotton. 

The Bureau of the Census, as you are aware, makes 
semimonthly reports of cotton ginned to specified dates 
during the ginning season, and monthly reports of cotton 
consumed, of the number of spindles active in its consump- 



tion, and of cotton imported, exported, and on hand. 
The magnitude of the undertaking is best understood 
when the number of establishments from which reports 
must be secured is considered. Roughly, there are 
twenty-five thousand ginneries, located in approximately 
nine hundred countries, in eighteen states, engaged in 
the separation of the lint from the seed, and there are 
about four thousand public storage places through which 
the bulk of the cotton passes on its way to the two thou- 
sand American factories and to the ports. The Bureau 
expends each year about 5^265,000 in the collection, com- 
pilation, and dissemination of its cotton reports. 1 he 
original legislation establishing this service to the public 
was not obtained without difficulty; but it is my opinion 
that today the wisdom of this legislation stands unques- 
tioned, and that no Congress would feel justified in re- 
fusing to grant an appropriation for securing the impor- 
tant data thus provided for. If it were to do so, would 
the varied interests dependent upon this great staple 
that engages so much capital on the part of the farmer, 
the dealer, and the manufacturer move forward with the 
same assurance and feeling of safety as under the condi- 
tions made possible by the laws now in force.? 

I do not wish to appear in the light of trying to claim 
credit on behalf of the Census Bureau for all the statistical 
work done for the benefit of these interests. The Bureau 
of Foreign and Domestic Commerce, in the Department 
of Commerce, and certain bureaus in the Department of 
Agriculture are, under authority of Congress, expending 
much money in the conduct of their indispensable work in 
connection with cotton. The statistics as to imports and 
exports, to which I have already referred, are compiled 
by the Bureau of Foreign and Domestic Commerce. The 
Bureau of Crop Estimates, in the Department of Agri- 
culture, publishes estimates in July of each year ?s to 
acreage planted, reports the condition of the crop at 
monthly intervals during the growing season, and in De- 
cember makes an estimate as to the total product. The 
same bureau also publishes monthly cotton prices; and, 
the Weather Bureau, in the Department of Agriculture 
issues weekly statements as to the effect of the weather 
on crop conditions. Still other Government institutions 
deal with cotton; for example, the Bureau of Standards, 
in the Department of Commerce, and the bureaus of 
Entomology, Plant Industry, and Markets, and the 
Oflfice of Farm Management, in the Department of Agri- 
culture. 

These Census statistics are compiled accurately, com- 
pletely, impartially, with no purpose in view other than 
to ascertain and make known the facts. Their compila- 
tion involves no little expense, but they are published 
freely to all the world. No advance information is 
given out to any favored section, or class, or group, or 
nation. They are equally at the service of all nations and 
all peoples — the English, the French, the Italians — yes, 
and our former enemies as well — the Germans, the Aus- 
trians, and the Turks. Thus the Government of the 
United States makes every effort and goes to no small 
expense to obtain this information, and when obtained 
makes no attempt to exploit it for the benefit of our own 
people. Do we not thereby establish a certain claim upon 
other nations to render a like service? I am not alto- 
gether ignorant of the excellent statistical work being done 
by foreign governments, much better work in some fields 
than is done in this country, but not so good, I believe, 
in this particular field of cotton statistics. But what 
I am leading up to is a principle of international policy 
which may be easily realized and is being realized in the 
field of statistics, if nowhere else. I mean the principle 



172 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



of reciprocity — or shall I say the Golden Rule of statis- 
tics? — the principle of doing unto others what others 
are doing unto you. Should not each nation recognize 
the obligation to supply every other nation with the same 
kind of statistical information regarding the production, 
distribution, and supply of its products which the other 
nation supplies to it? Would not this form of interna- 
tional comity tend to stabilize the prices of commodities 
and in a degree remedy industrial discontent and demora- 
lization in working conditions, and thus aid in bringing 
about general prosperity? 

The United States produces about two-thirds of the 
world's cotton crop. Regarding the other third we have 
not the same detailed information readily available and 
periodically compiled. Thus complete statistics are lack- 
ing. Is it then unreasonable to ask that other nations, 
through the agency ol their governments or through that 
of trade associations, give to the United States and all 
other countries the same details regarding acreage, yield, 
consumption, and exports that the United States gives 
to them? We are about to establish a League of Nations. 
We hope there shall be no more war, and that in the 
future we may regulate international relations in a spirit 
of justice and altruism. To some this may seem an un- 
attainable ideal or an idle dream, and even the most 
optimistic of us realize that if we are to attain that goal 
it must be by a slow process of development and educa- 
tion. It may take many generations. But in the mean- 
time we might make a modest beginning by applying the 
Golden Rule in the realm of statistics. 

The Chairman: General discussion is now in order and 
I venture to suggest that this general discussion be opened 
by Mr. Estabrook, Chief of the Bureau of Crop Estimates, 
of the United States Department of Agriculture. 

Mr. Leon M. Estabrook: I think the broad subject 
of statistics has been so ably presented by the Director of 
the Census that perhaps my best contribution to the dis- 
cussion will be a very brief description of the Bureau of 
Crop Statistics, Statistical Bureau of the Department of 
Agriculture, the bureau which issues the monthly crop 
reports, the bureau which prepares annually the statis- 
tical appendix to the year book, giving the world a record 
of crops for a long period of years, the bureau which 
transmits to the International Institute of Agriculture, 
at Rome, the crop estimate for the United States and 
receives in return the compiled crop reports of all the 
countries of the world. 

The Bureau of Crop Estimates was started as a divi- 
sion of statistics in the Patent Office in 1840. It is the 
oldest Federal organization in the interest of agriculture 
in this country. In 1863 when the Federal Department 
of Agriculture was organized, this division of statistics 
was transferred and became the nucleus of what is now 
the Department of Agriculture. 

About nineteen years ago the Division of Statistics 
became the Bureau of Statistics. In 1914 it became the 
Bureau of Crop Estimates, because a large part of its 
work is estimating, as distinguished from the statistics 
derived from records. 

Now, the value of the crop reports depends not only 
upon their accuracy, but upon their timeliness, and also 
to a large extent upon the confidence reposed in them and 
the use that is made of them, and therefore I think it 
rnight be well to tell you very briefly what the organiza- 
tion and machinery are for preparing the crop report. 

The Bureau has at Washington about one hundred and 
ten to one hundred and twenty-five permanent employees, 
statisticians and computers; in every state it has a trained 



field agent, a man with at least five years practical experi- 
ence in farming and trained in statistical methods, who has 
reporting to him a large force of voluntary reporters. In 
addition to that the Bureau has a man in every township 
reporting direct to the Bureau; a man in every county 
who has aides reporting to him, and a large number of 
special lists — that is, men who report only on live stock, 
or on some special crop. Altogether, the Bureau has 
something like two hundred and eleven thousand reporters. 
For cotton there are about sixty thousand in the fifteen 
or sixteen states in which cotton is grown. And, of course, 
in each of these cotton states there is a trained field agent 
and his organization. 

Now, the estimates regarding cotton are required by 
law, and certain dates are specified on which certain of 
those reports shall be issued. For instance, the cotton 
report — cotton estimate for October — the law requires 
that it shall be issued on the same date as the ginning 
report issued by the Bureau of the Census. The estimate 
in December of total production is required to be issued 
on the same date as the ginner's report. The preliminary 
estimate of acreage in cultivation is required by law to 
be issued on or about July i. The dates on which the 
reports shall be issued are fixed in December for the year 
following, by the Secretary of Agriculture. 

On the 25th of the month, for cotton and other crops, 
the schedules upon which such are made are in the hands 
of all these volunteer crop reporters. They are mailed 
either to the state field agent or to the Bureau at Wash- 
ington. The reports relating to cotton and other specu- 
lative crops, as they come in, are sorted by states and dis- 
tricts. We have nine districts for each state, so that the 
returns may be weighted in proportion to the importance 
of the production of that district. After they are sorted 
by districts, they are tabulated and the numbers are 
transferred to sheets, and before these numbers are added 
up, the totals (box heads we call them) are cut off" the sheet. 
Only one man in the Bureau has the key which will con- 
nect those up again. The sheets bearing the figures are 
then cut up in sections and turned over to expert com- 
puters, who add them up as so many numbers. They do 
not know the states to which they pertain. They are 
divided up among a number of computers. No person 
in the Bureau, by any possibility, can combine those 
figures, and when the totals of all those papers are summed 
up and an average is struck, they are connected up by the 
only man in the division who is held responsible for seeing 
that the information does not get out. 

They are placed under lock and key until the morning 
of the crop report date. The reports from the state field 
agents and from the cotton crop specialists come in sealed 
envelopes addressed to the Secretary of Agriculture, 
marked in a special way, to the postoffice in Wa hington 
and they are there separated from the other mail and 
delivered to the Department by special messenger exactly 
as registered mail is, and a receipt is given for every single 
envelope. They are delivered to the private secretary 
of the Secretary of Agriculture, who places them un- 
opened and with seals unbroken in the safe, to which 
he alone has the key. He is responsible for the custody 
of those reports of the state field agents, and from cotton 
crop specialists, until the morning of the cotton crop 
report day. The night before the crop report day the 
telephones leading into the Bureau of Crop Estimates 
are all disconnected, the Chief of the Bureau personally 
locks the switchboard and carries the key, of which there 
is no duplicate, in his pocket. On the morning of the 
cotton crop report day the sealed reports of the state field 
agents are turned over to the Secretary's office to the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 173 



Chairman of the Crop Reporting Board and carried to 
the Board room m the Bureau, and as soon as he enters 
the door, the door is locked and guards are stationed out- 
side. All these precautions are taken to prevent any 
communication within or without the Bureau while the 
Board is in session. 

After the Board assembles, the reports ot state field 
agents are opened and turned over to expert computers 
and tabulated on sheets in parallel columns along with 
other information, opposite the names of each state. The 
states are listed on the left-hand side of this tabulation 
sheet with the data on the right. 

Those data contain or comprise: 

First, the estimate of the cotton crop specialist for each 
date 

Second, estimates of state field agents 

Third, estimates of cotton crop reporters 

Fourth, estimates of cotton township reporters 

Fifth, estimates of the special list of cotton growers 
who report directly to the Bureau. 

These are independent sources of information. 

Then, on the right-hand side of the sheet is given the 
last month's report. Next to it is given the report for 
the same day last year, and then the ten-year average of 
reports for that same date. 

In addition to this data, the Bureau has from each of 
its field agents, and from its cotton-crop specialists, a 
very brief summary of what the condition has been dur- 
ing the past month, whether there has been too much or 
too little moisture, and so on, explaining why a change 
is shown in the condition figures that are reported. 

The Bureau has before it data presented by the Weather 
Bureau as to what the weather has been. That is the 
property of the crop reporting board. It is made up by 
the Chief of the Bureau and some of his assistants, and 
one or more field agents called in each month, and it is 
kept in this tabulation set with the date on it, sepa- 
rately and independently of every other, and he proceeds 
to scan the evidence before him and arrive at a figure 
about each date, state by state. When that part is com- 
pleted, the estimates of each individual member of the 
Board are brought together in parallel columns on another 
sheet. These are read out by the Chairman of the Board 
and the single figure is adopted for each state, and quite 
frequently, time after time, state for state, the estimates 
of these six, or seven, or eight members are almost iden- 
tical. Time after time they will all have set down pre- 
cisely the same figure, so there is no question in the mind 
of the Board. If there is any variation, then additional 
evidence as set forth in the comments of the state field 
agents and the cotton crop specialists and the Weather 
Bureau, are considered, and a single figure is arrived at. 

You will note that up to this point the Board has been 
concerned only in arriving at a figure for each state. It 
does not assume to arrive at an average for the United 
States. The figure which ultimately comes out and is 
quoted in the papers is reached by the expert computers 
in an adjoining room. 

As soon as the Board has completed its work, the re- 
sult is turned over to a group of expert computers, who 
take the different figures and convert them into an equiv- 
alent yield of pounds lint per acre and bale for each 
state. It is only then that they add up the total for all 
the states and ascertain the total for the United States, 
striking a weighted average as the figure for the United 
States. 

Mr. Harvie Jordan (Monticello, Georgia): Mr. 
Chairman, and Gentlemen — I have always felt that it 
is of equal importance to gather and distribute mforma- 



tion with reference to the consumption of cotton, as it is 
with reference to the production of cotton. I think the 
cotton growers of this country are as much entitled to 
have correct statistical data regarding the consumption 
of cotton throughout the world, from month to month, 
as are the consumers of our cotton to have statistical 
information with reference to the production of cotton. 
For many years, our government has published to the 
world information relating to the acreage planted each 
year, from month to month the condition of the growing 
crop, in the fall of the year issuing a forecast as to the 
probable production for that year; month by month, 
during the ginning season, the amount of cotton ginned 
throughout the year; even going so far as to gather in- 
formation relating to the probable cost of producing a 
pound of cotton on Southern farms. Now, outside of 
the information obtained by the United States Bureau 
with reference to the consumption of cotton in the Ameri- 
can mills, we have no information relating to the consump- 
tion of cotton throughout the mills of the world. I 
remember in 1913, when I met with the International 
Federation of Master Cotton Spinners, at The Hague, 
in Holland, the last meeting they held, I presented this 
proposition to the foreign spinners, and they regarded it 
favorably. They agreed that it was only right and proper 
that if all information relating to the production of cotton 
was disseminated throughout the world, it was fair that 
the growers should be kept posted as to the consumption 
of cotton. The difficulty was to arrive at some proper 
channel through which information could be gathered 
and disseminated. Some said it might be done by the 
various governments of the different countries. One 
suggestion was it should be obtained through the In- 
ternational Agricultural Institute at Rome, Italy, which 
represents ninety-eight per cent of the world's territory. 
Another was that we might gather it through our diplo- 
matic channels. But it seems to me it is eminently a 
proper matter of discussion and a proper subject to take 
up here and arrive at some proper conclusion in regard 
to gathering and distributing that information. I think 
we will have the support and cooperation of the spinners 
in the matter, and it would be of immense value to the 
producers of this country to know something more defi- 
nite from month to month regarding the consumption 
of American cotton as well as cotton from other countries, 
the amount of cotton held in spinners' establishments 
and in ports and in warehouses, so that we may not only 
be posted at all times with reference to production, but 
have absolutely correct information regarding consump- 
tion. (Applause.) 

Mr. Giorgio Mylius (Italy): I wish to point out that 
the United States statistics and ginning reports have been 
greatly appreciated. We never fail to point them out to 
the India Government, and the Egyptian Government. 
I wish also to say in regard to statistics on production, 
that the International Federation meets twice a year to 
take up statistics throughout the world of the spinners 
who manufacture the cotton of the w^orld. Therefore, I 
hope that the spinners of the United States will join the 
Federation and make it possible to have universal statis- 
tics on production. 

Mr. Guido Rossati (Italy): It is my privilege to rep- 
resent here the International Institute of Agriculture, at 
Rome, an institution founded, as you are probably aware, 
about fifteen years ago, mainly through the efforts of the 
late David Lubin, an American, fostered no doubt by the 
King of Italy. On its behalf, permit me to extend its 
greetings, and best wishes for the success of your labors. 

All industries, without exception, are facing today most 



174 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



difficult problems, arising from the readjustment from the 
abnormal condition of war to a stable condition of busi- 
ness. The cotton industry, which stands to wearing 
apparel in the same position as wheat does to food, comes 
within the first rank of importance. The main difficulty 
to be faced today is high cost. Increased wages, shorter 
hours and better conditions of labor have greatly en- 
hanced the cost. It is unlikely that this condition will, 
for the present, materially change. To reduce this cost 
of production and maintain a remunerative price for the 
staple is the problem most needed to be solved today. 
It would seem that its solution lies in the stimulation of 
production, of increasing and producing better qualities 
by a more economical distribution. The various depart- 
ments of the International Institute of Agriculture are 
a world clearing house, and they are doing valuable re- 
search and statistical work. It is mainly through their 
efforts in this line that greater efficiency in the collection 
and distribution of statistics can be accomplished. To 
obtain these results cooperation and understanding are 
of chief importance, and it is by conferences like this 
that these results can be brought about. The Interna- 
tional Institute of Agriculture is always at your service. 
Its province is to promote and distribute statistical in- 
formation, and uniformity of collection methods; to 
collect and distribute scientific knowledge of volume; to 
encourage cooperation, and by spreading universally the 
most expert knowledge to endeavor to promote and stim- 
ulate production, and distribution in the interest of 
producers, workers, and consumers. The Institute is 
encouraged by its work, and hopes with the valuable 
cooperation of you gentlemen to continue to enlarge its 
scope. It is interested especially in the collection and 
distribution of the world's cotton statistics gathered 
from the most reliable government figures. It has in- 
structed me to place before you its service. It is most 
desirous of enlarging and increasing the work for which 
it IS now prepared, and for which it asks your most hearty 
cooperation. It is willing and ready at all times to give 
any information at hand, which it earnestly solicits you 
to ask for, and it will cheerfully entertain any suggestion 
whereby the scope of its labors might be enlarged for the 
mutual benefit. (Applause.) 

The Chairman: We will proceed with the program. 
The paper on "An International System of Cotton Re- 
ports and Statistics" was to have been presented by Mr. 
Oscar P. Austin. On account of the unavoidable deten- 
tion of Mr. Austin, his paper will be read by Mr. Har- 
rison E. Howe. 

Mr. Howe: While my prime interest is in research, 
I shall be pleased to present this interesting paper of Mr. 
Austin's: 

An industry which represents over $20,000,000,000 of 
invested capital would seem to be justified in the crea- 
tion of a statistical system to supply with promptness, 
accuracy and uniformity of terms the information desired 
by its great financial and industrial interests, and also 
the 6,000,000 people to whom it gives employment and 
the hundreds of millions to whom it supplies most of their 
clothing and a limited share of their food. 

Cotton has become an increasingly important factor 
in world economics. The quantity produced in the world 
has, according to accepted authorities, grown from ap- 
proximately 500,000,000 pounds in 1800 to 1,500,000,000 
in 1850, 7,500,000,000 in 1900, and 14,000,000,000 in 
1913, the latest normal year. Cotton production and 
consumption in the world, speaking in very round terms, 
is about thirty times as much as in 1800, ten times as much 



as in 1850, and nearly twice as much as in 1900. The 
quantity produced in 1800 was only sufficient to supply 
an average of about three yards of cloth for each inhabi- 
tant of the world, while the crop of 1913, the latest normal 
year, estimating that 90 per cent of it is turned into cloth 
at an average of 5 yards per pound, would supply an 
average of about 36 yards per capita for the greatly in- 
creased population of the present time. All of these 
statements are necessarily in very round terms, espe- 
cially for the earlier years in which figures of both pro- 
duction and consumption are admittedly only approxi- 
mations. 

The 6,000,000 persons employed in the production, 
manufacture and distribution of the finished product 
represent 30,000,000 mouths to feed; the land on which 
it grows is worth about $6,000,000,000; the factories 
which turn it into cloth another $6,000,000,000; the 
finished product which they turn out in a year is worth 
$15,000,000,000 at the door of the factory, and the capital 
invested in the growth, manufacture and distribution of 
the world crop and its product aggregates approximately 
$20,000,000,000. 

Yet w hen we attempt to study the details of this enor- 
mous and rapidly growing industry we find only fragmen- 
tary information, gathered, it is true, by many intelligent 
and painstaking individuals in different parts of the 
world, but lacking in basic sources of information or iden- 
tity of terms in which their valuable information is stated. 
Their work, largely a labor of love, has been and is of 
extreme value, but its very value and the eagerness with 
which it is studied by the economic and business interests 
of the world is an evidence that a properly organized 
system, conducted with a closer cooperation and having 
the aid of the great interests engaged in production, 
manufacture and distribution, and also the aid of the 
great governments of the world, would not only adjust 
and correlate the information already gathered, but add 
to the "sum of human information" by a close and fre- 
quent study of conditions of planting, cultivation, pro- 
duction, manufacture and distribution, and thus prove 
of great importance to all of the interests which extend 
to every part of the world and to every class of its inhabi- 
tants. 

Such an organization, properly financed, and conducted 
by men thoroughly acquainted with the subject in all its 
branches and equipped to present the result of their studies 
in concise and uniform statistical terms, should cover the 
progress of the world crop at every step from the time that 
the lands are laid out for planting until the finished prod- 
uct is in the hands of the consumer; using the telegraphs 
and cables where necessary to gather information, cooper- 
ating with the governmental organizations in their peri- 
odical records of crop industries and conditions, encourag- 
ing uniformity of statement as to measurement of prod- 
uct and records of movement, and communicating the 
result of their statistical studies to the various interests 
in the form of periodical, weekly, monthly and annual 
statements. 

In attempting to determine the amount of capital in- 
vested in the cotton industry of the world the first subject 
to be considered is the value of the land devoted to its 
production. The world's area devoted to cotton in 1913, 
the latest normal year, was about 70,000,000 acres, of 
which the United States acreage was 37,089,000, India 
25,020,000, Egypt 1,789,000, and the remainder of the 
world about 7,000,000 acres. According to the most 
authoritative information available, the present average 
value of cotton land in the United States, including 
buildings and machinery devoted to planting and culti- 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 175 



vation, is about $66 per acre. In India, rhe average pre- 
war value of cotton land was estimated at $JS to $ioo. 
In Egypt cotton land is worth approximately $600 per 
acre. As to the other 7,000,000 acres in other countries, 
in China, Korea, Siam, Ceylon, Russia, Africa and South 
America, the average value is estimated as $60 per acre. 
Adding a moderate estimate for gins, compresses and other 
requirements of production and marketing, the capital 
invested in world cotton production would seem to stand 
about as follows: 

Estimated \'alue of Capital Invested in World Cotton 
Production 
Acres, 1914 Average value Value of land 
per acre and buildings 

United States 36,800,000 $ 66 ^2,428,000,000 

India 24,596,000 80 1,968,000,000 

Egypt 1,822,000 600 1,093,000,000 

Other * 7,000,000 60 420,000,000 

Gins, compresses, machinery, etc.* 200,000,000 

?6, 109,000,000 

Estimates of the capital invested in the cotton manu- 
facturing industry of the world may be based in large 
part upon the known figures of the number of spindles 
in various countries. Manufacturing capital must in- 
clude not only the value of the plants themselves, but 
also the ready cash necessary for financing the operations 
of the mill. The most reliable estimate of the capital 
invested in the world's cotton factories seems to be about 
$40 per spindle, including the mills and their needed funds 
for operation. Applying this to the various countries, 
on the basis of the number of spindles in each and present- 
day valuations, shows the approximate capital invested 
in cotton mills in each country about as follows: 

United States f ^1,500,000,000 

United Kingdom 2,100,000,000 

Continent of Europe 1,850,000,000 

India 280,000,000 

Japan 130,000,000 

Others 200,000,000 

$6,060,000,000 

The third great item of invested capital in the cotton 
industry, following consideration of the capital invested 
m the cotton lands and that invested in the cotton mills 
of the world, would be the values of the cotton goods 
turned out by the factories of the world, for it must be 
assumed that somebody's capital is constantly invested 
in these manufactured goods, from the time of their pro- 
duction until they pass into the hands of the consumer, 
often in parts of the world widely distant from the place 
of their manufacture. 

This estimate is supplied by a painstaking German 
statistican, Mr. A. Kertesz, in his recent work, "Die 
Textilindustries samlischer Staaten" (Textile Industries 
of the World). He estimates the value of the product 
of the cotton textile industries of the world in 1913 as 
$5,951,000,000, of which slightly less than $3,000,000,000 
is accredited to Europe, and approximately $1,000,000,000 
to the United States. 

This estimate, it will be observed, is for 1913. This 
would seem to justify an estimate of the cotton textile 
output of the world at present prices of $15,000,000,000. 
The fact, however, that the length of time of the passage 
of these goods from the factory to the consumer is esti- 

*Estimated 

t The valuation per spindle in the United States is estimated as 
slightly niore than those of Europe and especially than those of the 
United Kingdom. 



mated by experts to average but about six to eight months 
would seem to indicate that the value of the capital con- 
stantly invested in carrying this $15,000,000,000 worth 
of cotton goods is about $<S, 000,000, 000. 

There are also certain other minor items of the cotton 
industry in which considerable sums of capital are con- 
stantly invested. It is conservatively estimated that 
the capital invested in the cotton seed oil and cake 
industry and the products turned out by it must con- 
siderably exceed $1,000,000,000. More than $1,000,000,- 
000 is probably invested in the knitting mills of the world 
and their products. Still another class of establishments 
closely connected with the cotton mills of the world are 
the dyeing, finishing and mercerization establishments, 
of which the world value is variously estimated at from 
$300,000,000 to $600,000,000. 

All these would make the table of invested capital in 
the cotton industry of the world stand as follows: 

Cotton lands mcludmg buildings and farm machinery. . $6,109,000,000 
Factories (estimate based upon a world average of $40 

per spindle) 6,060,000,000 

Invested in the manufactured products (| of year's 

output) 8,000,000,000 

Cotton seed oil industry and output estimated 1,000,000,000 

Dyeing, finishmg, mercerization and knit goods 500,000,000 

Total , $21,669,000,000 

It is upon the above estimate, that the world's capital 
invested in the world's cotton industry exceeds $20,000,- 
000,000, that the suggestion is made for the creation of a 
statistical organization which shall accumulate the best 
and latest information available relating to the industry 
in all its branches, from the planting of the seed to the 
sale of the finished product, digesting and distributing 
the information so accumulated in the form of weekly, 
monthly and annual statements, simplifying and stand- 
ardizing the terms of expression so that they may ade- 
quately serve the reader, whether expert in cotton matters 
or merely one of the millions dependent upon cotton for 
his chief textile requirements. 

Lack of statistical coordination and uniformity of state- 
ment is illustrated by a study of existing cotton statistics 
and especially by a comparison of the methods by which 
the various governments of the world state their imports 
and exports of cotton and cotton goods. "Bales" made 
in certain countries represent 100 pounds, in others 200, 
300, 500 and even 750. 

In the matter of cotton goods the lack of uniformity 
is equally unsatisfactory when we attempt to compare 
the methods of the various governments. Great Britain 
and the United States state their imports and exports of 
cotton cloths in yards and values, but do not show weights 
of the goods so moved. On the other hand, practically 
all the countries of Continental Europe show the weight 
of their cotton goods imported or exported, but do not 
show the superficial area either in yards or any other 
unit of measurement. In the Latin-American countries 
most of the cotton goods imported or exported are stated 
in weight and value, but not in yards or other superficial 
measurement, while in all English and American colonies 
the imports and exports are stated in yards, but with 
no figures of weight. 

Even these two distinct systems are apparently lacking 
in individual uniformity, since an inquiry recently es- 
tablished by the Research Committee of the National 
Council of American Cotton Manufacturers developed 
the fact that in the United States the exports are stated 
in square yards and the imports are in linear yards, while 
in Great Britain the statements of both imports and 



176 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



exports are in linear yards. It is therefore impossible 
to determine with accuracy the number of square yards 
of cotton cloths entering the international or domestic 
markets of the world or even the total weights of the cotton 
goods exchanged among the countries of the world. 

To remedy this lack of uniformity in the government 
records of cotton goods produced and sold, the govern- 
ments now showing figures of superficial area in their 
import and export figures should be requested to also 
present figures showing the weight of the merchandise 
in question, while those now showing weight only should 
be requested to state the superficial area. No govern- 
ment should be asked to abandon the system in which its 
records have been kept up to this time, since such an 
abandonment of the former methods would destroy the 
comparability of the newly created records with those 
of earlier years, but the use of both weight and super- 
ficial measurement would permit comparability in the 
terms formerly used and at the same time add the other 
side of the picture, and thus give to the economic, in- 
dustrial and business world a complete record of the 
cotton goods interchanged among the nations of the 
world. 

Still other improvements in the details of the statis- 
tical presentation of quantities, measurements and classi- 
fication of the cotton goods produced, imported and 
exported have been recommended by a committee of gov- 
ernmental officials at Washington and an alternative plan 
by the Research Committee of the National Council of 
American Cotton Manufacturers, both of which will be 
presented to this Congress and should have careful con- 
sideration as promising an addition to the present stock 
of information regarding international exchanges of 
merchandise of this class. 

One feature of the cotton industry of the world in which 
the respective governments could contribute much valu- 
able information with but small expenditure is that of 
more frequent reports upon the manufacturing industries. 
The United States, which has in recent years created a 
quinquennial census of manufactures, shows the number 
of cotton mills, the number of employes and wages paid, 
the consumption of raw material from at home and abroad 
and the quantity and value of the various classes of manu- 
facture turned out, while the figures of the customhouses 
show the share exported and the countries of destination. 
These reports of the manufacturmg mdustries now taken 
quinquennially could easily and with a comparatively 
small expense be made annually, especially in view of 
the fact that our census office is now a continuous organ- 
ization with machinery well equipped for more frequent 
studies. The number of cotton factories in the United 
States is not large and has increased only 33 per cent in 
the period from 1900 to 1914, while the value of the out- 
put increased more than 100 per cent, suggesting that the 
task of taking an annual census of the cotton industry 
would not be a great one in proportion to the importance 
of the industry represented. 

The steadily increasing share which cotton and its 
products form of the world's requirements justifies a 
closer study of the statistics of manufacture, just as those 
of production are now being studied with a greater care 
and thoroughness than ever before. The world consump- 
tion of cotton and cotton goods has more than doubled 
in the last twenty years, while the world population was 
increasing less than 10 per cent, and this fact alone would 
justify the great governments of the world in the closer 
and more systematic cooperation which properly organ- 
ized governmental machinery could give to a statistical 
organization created and directed by those familiar with 



the details of production, manufacture and distribution 
of the product. 

The Chairman: About a year ago it became what I 
considered my duty to go to Washington in company of 
a number of other men from the South, in respect to the 
question then agitated of fixing the price of cotton. There 
was a great deal of comment on the fact that the price 
of cotton had not been fixed. The President took cogni- 
zance of this comment, and in order that the situation, 
in so far as cotton was concerned, might be fully under- 
stood, and in order that appropriate action or inaction, 
as the case might be, could be taken, he appointed a 
Special Committee to look into this subject and to report 
to him. The Chairman of that Special Committee was 
Doctor Thomas Walker Page, who is the Chairman of 
the Tariff Commission, and I want to say that the hear- 
ing — the patient, courteous hearing that was given to 
the Southern representatives of the cotton industry on 
this subject, and the very wise and conservative conclu- 
sion which the Committee, under Doctor Page, arrived 
at, was of tremendous benefit to the cotton industry and 
we are all under deep obligations to Doctor Page. Doc- 
tor Page will now address this convention on the subject 
of "International Trade in Cotton Yarns." 

Dr. Page: I am not going to detain you long with 
statistics, because we have a great many statistics already, 
and they tell us that there is nothing as warm as figures. 
There is also an expression to the effect that figures never 
lie, to which Lincoln once responded that while that 
might be true, sometimes liars figure. I will say that 
I am here more to get information than to give it. The 
United States Tariff Commission was created by the 
government as an investigating body. We are to do what 
we can, find out the situation in the United States that 
bears upon the prosperity in trade of this country, so far 
as that prosperity has its effect upon the industries of this 
country, and the information which we collect is to be 
made available to Congress and to the President, not only 
with a view of enabling Congress to fix the duties upon 
imported goods, but also to enable Congress and the 
President and the Department of State to determine the 
policies of this country, with respect to commercial 
matters, and in its relations with other countries, so as to 
protect our own welfare and at the same time do full 
justice to the balance of the world. 

Now, conditions have been so uncertain and so chaotic 
in this world of ours that we have not as yet made all of 
the investigations that it was contemplated by Congress 
we should make. We do not propose to use our time in 
purely academic researches, but, rather, to undertake 
investigations which will be fruitful. We wish to confer 
with the business men of all parts of the United States 
and with business men from abroad, to determine what 
investigations would be fruitful and what investigations 
would be unnecessary. We have, however, made some 
tentative beginnings and we have tried to play safe, 
but at the same time to provide useful information on the 
subjects that we have selected for investigation. 

Among other matters that we have looked into has 
been the subject of international trade in cotton yarns. 
There is at present in the Government Printing Office 
and will be ready for distribution within a week, a docu- 
ment prepared by the Tariff Commission on the cotton 
yarn situation, and any member of this conference who 
wishes to procure that report can get it by writing to the 
Superintendent of Documents, in Washington, along with 
a number of other reports that the commission has made. 

It is my duty to indicate very briefly here today what 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 177 



the substance of that report is. The importance of inter- 
national trade in cotton yarns is sufficiently indicated by 
the fact that before the war, in the year 191 3, the value 
was doubtful, but the quantity of yarn reached the enor- 
mous total ot seven hundred and fifty millions of pounds. 
That much cotton yarn entered into the trade of the 
world and was imported into some countries and ex- 
ported from other countries. It is quite well known to 
all of you what the chief exporting countries were and 
what were the chief importing countries. It may pos- 
sibly be of interest to you, however, to know that China 
was the principal country of the world in the importa- 
tion of cotton yarns. Nearly one-half of that great 
total was imported by China alone. Some three hundred 
and fifty millions of pounds of cotton yarns found their 
way to China. Nearly always it was used in the hand- 
loom industries of that country. The greater part of it 
was comparatively coarse yarn, imported in large part 
from Japan and British India. In addition to China as 
an importing country, there were some twenty-five other 
countries that imported between ten millions and one 
hundred millions of pounds of cotton yarns — most of 
them nearer ten than one hundred millions. These 
countries were in no inconsiderable degree the highly 
developed countries of Europe. Germany was a very 
considerable importer of cotton yarns. France imported 
no little; Switzerland and the Scandinavian countries 
imported a certam amount of yarns. They did so for the 
very obvious reason that there had been developed in 
other countries specialties. Particularly, in England, it 
had been developed in a high degree. High counts of 
yarn in England had been carried further than in any 
other country and some of the finishing processes for 
prepanng cotton yarns had been highly developed in some 
of the countries of Europe, notably France and Germany, 
as well as to a lesser extent in some of the other nations 
in Europe. Therefore, these buying nations found that 
it was cheaper and better for them to buy some of the 
varieties of yarn they needed than to buy the product 
raw and make it. In addition to the highly developed 
countries there were those of some industrial development, 
particularly those whose development was one-sided to 
the extent that they were weaving countries, but only to 
a slight extent spinning countries, such as the Balkan 
States, and some of the countries of South America. 
There, of course, was China, which is an example, with 
comparatively little spinning, but a great amount of 
weaving. Now, of course, of the exporting countries the 
United Kingdom leads. Of the 750,000,000 of pounds 
which entered into international trade. Great Britain ex- 
ported 210,000,000, in round figures. Next to Great 
Britain came British India, with approximately 200,000,- 
000 pounds. Next to British India came Japan, with an 
exportation of 180,000,000 of pounds. These three 
countries, the United Kingdom, British India and Japan, 
together, accounted for approximately 600,000,000 of 
the total of 750,000,000 of pounds which entered into 
international trade. Gentlemen, it is interesting to note 
that while those three countries were so nearly equal to 
each other in the bulk of their exports, in the value there 
was a wide difference. 

Great Britain and the United Kingdom is the home of 
the fine yarn spinning of the world. British India and 
Japan, before the war, spun comparatively little fine 
yarn, their output being confined mostly to the coarser 
counts, better adapted for the purposes to which the 
yarn that went into China was destined to be used. There 
were no other countries that exported large quantities of 
yarn. There were six countries, in addition to the three 



that I have mentioned, that exported each between 10,000,- 
000 and 15,000,000 of pounds. There was some exporta- 
tion from Germany and some from France, and there 
was some little from Italy, but as compared to these three, 
the great yarn spinning countries, the others fade into 
insignificance as exporters; and it is startling to realize 
the negligible extent to which the United States entered 
into international trade in yarns, either as an exporter 
or an importer. The war brought great changes in the 
situation — changes that were not so great, so far as the 
relative importance of exporting and importing countries 
is concerned, as might be supposed, but changes of great 
significance by reason of the possibility of their future 
further development and their possible permanence. It 
is a curious fact that although the United States is the 
greatest producer of yarn in the world, measured in 
volume, and poundage, she was insignificant as a trader 
in yarns. The figures that I mentioned just now were 
large, of course, and sum up the totals of international 
trade before the war. Seven hundred and fifty millions 
of pounds of yarn is a large amount, but, gentlemen, in 
this country during that year we produced three times as 
much cotton yarn as there was moved in international 
trade. In other words, our production exceeded two 
billion one hundred and fifty millions of pounds of cotton 
yarn. That was our production. How much did we 
export.'' In the five years before the war, our annual 
exportation of cotton yarns was approximately three 
millions of pounds — a negligible fraction of one per 
cent of our production. Now, what changes in the matter 
of the exportation of yarns were occasioned by the war? 
The changes have been relatively small. We have ac- 
quired practically no new markets. We have simply 
expanded the markets we had before, and the volume of 
our exports has risen from three millions, in 1918, to 
fifteen millions of pounds. During the fiscal year just 
closed, our exports amounted to 19,000,000 of pounds. 
Now, 15,000,000 and 19,000,000 are large, when compared 
to 3,000,000, but as compared with 750,000,000 the figures 
are still negligible. As compared with our production, 
they are practically invisible. Such as they were, our 
exports went, in the main, to Canada and to South Amer- 
ica, and to both of these regions our exports showed some 
growth during the war, largely due to the difficulty of 
the shipping situation — the difficulty of getting from the 
United Kingdom and the other sources of supply that had 
formerly been drawn upon by both countries. The 
quality of the yarn exported showed practically no dif- 
ference. It was possibly a little finer. We sent a little 
finer finished yarn to Canada and a little finer to the 
Argentine and to Uraguay. The bulk of our exports 
to Brazil was somewhat greater than before the war. To 
La Platte country we increased our exports. Chile took 
a little more, but nearly all of it was under No. 30 — 
coarse yarns — a little as fine, or as high as 80 went to 
Canada and to the Argentine. There was very little, 
however — about 40, and practically the greater propor- 
tion of it below 30. Nearly all of it was intended for the 
simplest kinds of fabrics — ducks, hosiery, and under- 
wear — and it still forms the great bulk of our exports. 
We have had no regular trade connections with South 
America, except in rare instances, most of the yarns 
moving to South America being handled through general 
exporting houses. Our spinners have not interested 
themselves in increasing their export trade. At any 
rate, they have not been active as yet in organizing and 
seeking this trade. 

As to our imports of cotton yarn, from a tariff stand- 
point, that is naturally an important and interesting 



178 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



subject — more so than the exportations, of course. 
We imported before the war about twice as much cotton 
yarn as we exported, both, however, being relatively 
small and insignificant, exporting some 3,000,000 and 
importing some six or seven millions of pounds. When 
the war began in the year 1914 — the calendar year 1914 
in the last half of it, and in the year 1915 — we showed 
some diminution in our imports. In 1916 they were 
practically as great as before the war, and in 1917 had 
grown to about ten and one half million. That is the 
peak of our importation of cotton yarns — ten and a 
half million pounds • — ■ that is what we im.ported in 1917. 
It was greater than in any other year in the history of 
the trade. Ten and a half million pounds is very small, 
as compared with the amount that we manufacture — 
ten and one half millions as compared with two thou- 
sand one hundred and seventy-five millions is negligible. 
In 1917 the peak was reached. In 1918 it had fallen off 
once more to about six and one-half millions, and for the 
fiscal year 1919 our imports of cotton yarn were only two 
millions and a fraction. We have almost ceased to im- 
port yarn. With a return once more of transportation 
facilities to normal, when the situation in England has 
been more firmly stabilized, when the price that has been 
necessary for Great Britain once more makes it possible 
for Great Britain to put her yarns on the market, at 
prices comparing favorably with other parts of the world, 
it is possible, and I think we should all be very glad for 
international trade to be extended to some extent. It is 
possible we shall once more be able to get specialties from 
Great Britain in quantities that we got before the war. 
These figures are not new, but the Tariff Commission was 
interested in finding what disposition was made of these 
imported yarns. We found there were twenty-one in- 
dustries using a certain amount of cotton brought from 
abroad. These may be summarized in a few groups; the 
lace and lace curtain industry was a large consumer. 
Then we have bought abroad mixed fabrics — mixed 
silks, and mixed woolen goods fabrics. This accounts for 
about one-fourth. The knitting yarns account for 
about one-fourth, and a very remarkable change has 
occurred in another direction in the importation of knit- 
ting yarns. Before the war we imported considerable 
for hosiery and underwear knitting. They have almost 
disappeared, but a new variety of knitting yarn has ap- 
peared and that is yarn used in cotton or what is known 
as chamoisette gloves. It is a new industry in the United 
States. The chamoisette industry was practically a 
monopoly in Germany before the war. There is now con- 
siderable activity in that line in the United States. There 
were some mercerized fabric importations, perhaps the 
most interesting being confined to yarns for insulation 
purposes. The demand for this was comparatively small 
before the war, but due to the great expansion of the 
electrical industry and the use of electrical appliances 
in the aeroplane industry, it became necessary for us to 
buy a large amount of this yarn abroad. We have made 
and we do make a great deal of yarn, especially adapted 
to insulation purposes, but that branch of the industry 
could not meet the demand of this country during the 
war. I should like to go into a more detailed account of 
the uses of these yarns, but time is not available. I may 
say, however, that the principal source of supply from 
which we have imported these yarns was Great Britain. At 
present, what little yarn we do import comes from the 
United Kingdom. She sends some of practically all kinds 
that we import and she sends all of some kinds that we im- 
port. Next to Great Britain, before the war, was France 
and then Germany. We imported from Germany a con- 



siderable amount of cotton yarn, but that yarn was for 
a considerable part finished in Germany after having 
been spun in the United Kingdom. The turkey-red 
yarns before the war came in the main from Germany. 
Since the outbreak of the war, and the cutting off of 
Germany's supplies, we have been securing some from 
Glasgow. Next in miportance to the turkey-red yarns 
came the blue-black yarns used largely for hat bands. 
Then we imported some also, for silk-hosiery purposes — • 
that is, mixed with cotton for the heel and toe. The 
yarns we bought from Germany were, in the main, im- 
ported because of the color Germany could give them. 
Another minor, but not uninteresting kind of yarn that 
we got out of Germany was what is known to the trade as 
iron-yarn. It resembles fine horse hair and it is used 
generally for upholstering purposes, though I am also 
told that the darker part of the Southern population 
purchase considerable quantities of it for filling up and 
increasing their natural headdressing. For those yarns 
that we imported from Germany mainly we have not as 
yet found satisfactory substitutes, but no doubt means 
will be found. 

Next to Germany comes Switzerland, which sends 
large amounts of yarns for embroidery purposes and for 
various lines of consumption. From France we got a 
certain amount of tightly-spun yarn used for voiles and 
similar fabrics. Those were the countries of chief im- 
portations. 

Of the gassed yarns, which are a large variety, and used 
chiefly for mercerizing processes, there are also some 
importations. This gassing process can be done in Eng- 
land better than in any other country and, strange as it 
may seem, they do it there for nothing for the reason that 
the gassing of the yarn raises the count. You take a 
certain count of yarn and you gas it and it reduces the 
size of the yarn to some extent, thus raising the count and, 
by raising the count, it brings a better price, and so ap- 
parently you are getting your gassing done for nothing. 
We cannot do it for nothing here, and the gassing is rather 
an expensive process for us. Then we import a great 
amount of polished yarn from England. We do some 
polishing here, but apparently we cannot polish it as 
well as they do abroad, chiefly for the reason that it is a 
very laborious process and satisfactory labor costs too 
much to make it worth while. We send some into Canada. 
We use it for shoe-laces and for some purposes for which 
a polished yarn is adapted, but nearly all of it is imported. 

Mercerizing, which once played an important part 
in the importation of yarns, now plays no part at all. We 
mercerize in this country as cheaply and as effectively 
as it is done in any other part of the world. 

As to the other yarns of which I have spoken requiring 
peculiar processing or polishing or coloring, by reason of 
the processes required, there is relatively an insignificant 
attempt now to produce them here. 

Mr. Lowe: May I ask Dr. Page if there is taken into 
account the yarns produced from linters, and synthetic 
yarns, etc. 

Dr. Page: Everything known as cotton yarns that are 
introduced into ports of this country, we take into con- 
sideration, but for international purposes, we do not go 
into that. Only for our import trade, we take into con- 
sideration those varieties. 

The Chairman: Any further questions, or general dis- 
cussion.? The next paper will be on "Research in the 
Textile Industry," by Mr. E. D. Walen, industrial re- 
search expert. 

Mr. Walen: The term "research" has come into com- 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 179 



mon usage during the past few years, and has been spoken 
of and used in a pecuHarly loose manner by those who 
have seen some appHcation of results of systematic study, 
and in a very equivocal manner by those who look upon 
research or systematic study as being foreign to the manu- 
facture of textiles. It is purposed to consider the ideas 
which differentiate research from investigation, analysis, 
testing and the like. 

The elements of research embody the idea ot perform- 
ing or accomplishing something which has never been 
done before; or, in many cases, the performing or ac- 
complishing in an entirely new manner of something 
which has been done before, and it further includes the 
idea of arriving at results by means of systematic study, 
and not by means of cut and try methods. Research 
may be considered as being divided into two large and 
distinct branches, which may be designated as "pure 
research," and "applied" or "industrial" research. 

The term "pure research" is applied to that type of 
systematic study w^hich has no definite or immediate 
industrial object in view, and which has no application 
in view. It may appear that pure research has an aimless 
existence, but the progress is guided and directed by the 
fundamental laws which are found to be operative in the 
particular study. 

The student of pure research cannot formulate and 
plan his progress in advance, but is led from one step to 
another, and finally he has amassed a tremendous amount 
of information which may later find direct application to 
industry. Some pure researches have led to the funda- 
mentals of the wireless; some the electric motor; some the 
X-ray; and some the basis of our present coal tar dye 
industry. 

If one examines the progress of science, it will be found 
that the fundamentals in many cases were discovered 
long previous to their application, and that the discovery 
of some other law in connection with that of a measuring 
device has progressed the fundamentals to certainty and 
application. As a result of the cumulative effect of pure 
research, practically everything which may be seen or 
felt can be measured in known quantities, and those which 
cannot soon will be. In considering the value of pure 
research it must be remembered that the researches of 
yesterday form the backbone of industry today, and 
that if pure research is not fostered, there will be little 
new to draw from to improve our future industrial sys- 
tems. 

The term "applied" or "industrial" research is given 
to that type of systematic study which has its final object 
and application well defined and predetermined. The 
industrial researcher draws very largely from the prod- 
ucts of the pure researcher in applying the fundamentals 
of physics and chemistry to industry. Testing and 
analysis are used by the industrial researcher to deter- 
mine the nature of the materials in terms of measurable 
quantities, and in accordance with previously determined 
standards; and, in so doing, he has a means of measuring 
the defects of the materials of industry. 

Investigation which realizes the full value of the re- 
sults of testing and analysis will lead to the stipulation 
of the process which causes the defect, and further re- 
search will indicate the means of correction. The term 
"investigation" does not necessarily imply the idea of 
originality, and is not always thought of as synonymous 
with research. Analysis and testing in themselves, like 
weighing sugar and counting change, do not constitute 
research; neither does a laboratory full of shiny instru- 
ments indicate that research is being done. This is 
particularly true of textiles, for research into textiles has 



been so limited that little is known of the (juanties which 
should be measured, or how the tests should be conducted; 
and there is little assurance that the tests, particularly 
physical, are of any great value to the manufacturer. 

It has been seen that pure and industrial research differ 
in their objects, and these differences indicate that there 
is another dividing line between pure and industrial 
research, in that pure research is socialistic, and that in- 
dustrial research is capitalistic. 

The greatest advances of pure research are obtained 
under conditions which make the results public, and it 
has been found that such research is best fostered in public 
institutions. 

The produce of industrial research is very largely ap- 
plicable only to the one plant and its peculiar combina- 
tion of variables, and is conducted for the gain of the in- 
dividual manufacturer. If, then, the manufacturer wishes 
to conduct research, it is necessary for him to establish 
his own laboratories, train his own corps of investigators, 
or go to commercial concerns which have the selling of 
such service for their object. 

Very often, in many discussions of research into textiles, 
it is observed that theoretically a particular combination 
would work, but practically it would not. The theory 
of a manufacturing process is an exact statement of what 
is taking place; hence, if the theory is right and com- 
plete, it is the same thing as practice. If theory and 
present practice do not agree, either the theory is wrong 
and incomplete, or the present manufacturing processes 
may be changed to advantage. The failure of the manu- 
facturer to recognize the logic which has built up many 
theories has led many perfectly good theories to ridicule, 
and very often a theory carried out in its entirety will 
lead to excellent results. 

The laboratory as a supplement to industrial research 
is often looked upon as not being productive of practical 
results. The purpose of a laboratory is to provide a 
place where the variables may be controlled in order that 
reasons may be assigned to observed results. In many 
cases it has been found that the results obtained in the 
laboratory cannot be duplicated in the mill, and the 
immediate assumption is that the laboratory work is 
wrong and entirely useless. Usually the variables in a 
mill are not well under control and it cannot be expected 
that a method devised in a laboratory will thrive under 
hit or miss conditions. If the findings of the laboratory 
indicate good results, the manufacturer would do well 
to consider these results seriously to determine ways and 
means of changing his method to more nearly conform 
to the conditions found to be best by the laboratory. 
The function of the laboratory in textiles is very largely 
to provide a means of determining the ideal and the vari- 
ables controlling the attainment of the ideal. It can 
readily be seen that a textile research is not completed 
in the laboratory, and that the biggest part of the re- 
search is determining how the results may be economi- 
cally applied to manufacturing. 

The progress of research into textiles is at present 
limited by the attitude of the growers and manufacturers 
to the laboratory and research and will continue to be 
limited so long as they assume that their present methods 
and practices are the ones which they will always use. 
Specifically, research will be limited largely in the case 
of the manufacturer to refinement of the mechanical 
features of the machines; in the case of the grower, to 
the growing of pure strains, regardless of whether the 
cotton is best suited to manufacture or not. It is not my 
intention to give the impression that the whole structure 
of the industry should be discarded, but that the industry 



180 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



should be willing to make concessions to the findings of 
research, provided the changes suggested are seriously 
considered and found to be conducive to an economy of 
production sufficient to warrant the changes. 

It is extremely difficult to determine to what extent 
research has really been conducted in textiles, for the 
literature is not classified, and it is often by merest accident 
that the textile people themselves come in direct contact 
with the results of pure research. 

This condition is augmented by the fact that there is 
no organ through which the pure researcher may present 
his results to the controlling men of the industry; that 
there are very few who have really attempted to apply 
scientific information to textiles; and that there have 
been many who call themselves researchers, but who 
really have been nothing more or less than salesmen for 
some wildcat scheme working under the guise of re- 
searchers. 

So far as the speaker has been able to determine, there 
have been scarcely any researches into textiles, and these 
have been confined almost entirely to the chemistry of 
textiles. If all the information which every one has on 
textiles could be collected, and expressed in terms to 
allow of coordination, it is assured that there would be 
but little need for much research, and there would prob- 
ably result a somewhat different system of manufac- 
turing. 

During the past few years considerable industrial tex- 
tile research has been conducted in the production of war 
materials, and this has served to show that the laws 
governing the behavior of the materials used in textiles 
are fundamentally the same as those which govern the 
behavior of other materials; but they are so obscured by 
the effect of variables and peculiarities of the material 
that, at first, there is presented a hopelessly involved 
situation. 

The discussion of generalities of research has been pre- 
sented to define the relation of the various agencies, in 
order that we may discuss research more specifically in its 
relation to textiles. Experience has proved that chemistry 
can be applied to textiles with more economical results. 
Let us consider the manufacture of textiles with a view 
to determining the application of physics, the other branch 
of natural science, and to determine the advantages which 
may be derived from what may properly be termed the 
physics of textiles. 

It has often been stated that research has been success- 
fully earned out in other industries, but that textiles are 
so different, research cannot be applied advantageously. 
We have but to review the progress of research in other 
industries to find that the same comments have been made 
previous to the successful application to other industries. 
Can we imagine the old school steel manufacturer testing 
his raw materials, and expressing the results in terms of 
measurable quantities which may be multiplied, added or 
subtracted, to express in measurable terms the charac- 
teristics of the finished product, and using these results to 
maintain the uniformity of the product.? Can we imagine 
the modern engineer scratching or drawing a file across 
the available raw materials; and, from the feeling con- 
veyed by the scratching implement, economically design- 
ing and constructing a bridge or large building.? Lastly, 
can we imagine a textile manufacturer testing his raw 
materials, and expressing the results in terms of measur- 
able quantities, and from these values determining, almost 
with mathematical certainty, the most economical process 
of manufacture, as well as maintaining the uniformity of 
the product.? 

The usual answer is that steel is used in the construc- 



tion of things which must stand definite stress, and that 
textiles are made to wear and look well, and therefore 
cannot be considered in the same category as structures or 
machines. However, it is necessary to construct the 
fabric, and in so doing the properties of the raw materials 
during manufacture must be considered. As an example, 
the stresses of weaving are just as certain and inevitable as 
those in a bridge when a flat-wheeled car passes over it, 
and to weave quickly and successfully the yarn must be 
constructed to resist the stresses. In this particular case, 
the theories of elasticity and hysteresis, flexure and fric- 
tion, are applicable. 

The manufacture of fabrics which are used for mechani- 
cal purposes affords a very clear conception of the appli- 
cation of physics to textiles and is exemplified in the 
design of successful cotton airplane fabrics, with which 
development the speaker was closely associated. In this 
research, the conditions of flight, and the nature of the 
stress of flight, which had previously been determined by 
other investigators, were studied in connection with the 
properties of linen fabrics being used, together with the 
properties of the impregnating chemicals, with respect to 
the particular kind of stresses and conditions being con- 
sidered. From these two sources originated the theory 
of fabric airplane wing coverings. The next step was the 
interpretation of the theory in terms of textiles, and the 
result was a highly successful product, designed almost 
entirely from a consideration of the physics of the situation. 

The research further demonstrated the difference in 
results obtained from cut and try methods, and those 
obtained from systematic study, in that the previous 
investigators who, without exception, used cut and try 
methods, concluded very definitely that cotton could not 
be used to cover the wings of airplanes. 

The application of research to fabrics and yarns, which 
may be termed appearance goods, is not so evident, but a 
little careful thought will indicate that there are good 
possibilities. A textile material may be considered as a 
group of fibres which have been arranged mechanically 
to produce the particular result; and, in order to arrange 
them most economically, the properties of the cotton 
must be in accordance with the demands of the manufac- 
turing process, or that the manufacturing process must 
be to the fibres. Regardless of the ultimate use of the 
material, the limits of size, evenness, speed of manufacture 
are defined by the characteristics of the cotton. 

From this it is evident that the properties of the cotton 
are a large determining factor in the economical manu- 
facture of cotton goods, and the money value of raw cotton 
depends upon its manufacturing properties, and not 
directly upon its strain or botanical features, or the yield 
per plant. At the present time the researcher in the grow- 
ing of cotton determines the length, cross section, strength 
and convolutions per unit of length. What combination 
of these should he strive for, in producing the best cotton 
to be manufactured ? Or, is it some other property which 
determines the spinning value of the cotton.? In any 
event, the desired properties are physical, and have to do 
with physics. 

At the present time the manufacturer determines the 
probable value of the cotton for manufacturing by the 
sense of feel and sight. Such methods are of no avail to 
the botanist or the grower of cotton, because he is not a 
manufacturer, and has not been brought up in intimate 
contact with the machinery of the mill. It is highly 
probable that what the manufacturer feels can be meas- 
ured, and expressed in terms which can be interpreted by 
the grower. 

Obviously, research into the growing of raw cotton 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 181 



cannot progress rapidly and surely along proper Imes until 
the requirements of the manuhicturer can be expressed 
in measurable terms, which convey a definite meaning to 
the grower or botanist. A cooperative research into raw 
cottons would prove of great value. 

In this connection, the development of the growing of 
beets tor the manufacture of beet sugar may be of inter- 
est. Not very many years ago the larmer raised beets, 
which the manufacturer made into sugar as best he could. 
It was observed that the yield from beets grown by a few 
farmers was better than the rest. The manufacturers 
naturally asked why not grow beets for the purpose 
intended, and began investigating. As a result, practically 
all beets are now purchased on assay or chemical analysis. 
The manufacturer, in a great many cases, supplies the 
seed; tells the farmer how to take care of the growing of 
the plant, etc.; and the yield from beets grown under 
the supervision of the manufacturer is much greater than 
from those grown by the farmer alone. 

It is certain that the problem of growing cotton for the 
manufacturer is considerably more complex than the grow- 
ing of beets, and that the analysis of the manufacturing 
properties of cotton is more complicated than that of 
sugar; but it is not impossible, and once a concerted start 
is made the outcome will be successful. 

The process of ginning was designed to take the seeds 
out of cotton, with no further reference to manufacturing. 
Considering the condition of the cotton from the gin, 
there is every reason to believe that a systematic study 
can do much to improve the ginning, to reduce the number 
of neps, cut fibres, and the like. 

The problem of sizing has long been considered one of 
chemistry, yet it is really a problem in physics, for a yarn 
is sized to give it certain physical properties to resist the 
stresses of weaving. It has often been said that what 
is true of weaving is not true of knitting. This is very 
largely true, yet the yarns break while being knitted, and 
why not treat the yarns prior to knitting to resist the par- 
ticular stresses, and to conform easily to the looping in the 
needles. 

The same general thought may be carried through the 
various processes of the mill, both in the manufacturing 
and finishing, and it will be seen that the whole success 
of the processes depends upon the physics and chemistry 
of manufacturing. There is no reason why the manufacture 
of textiles cannot to advantage be placed on a clean cut 
and scientific basis. 

If we are agreed that research has a field in textiles 
where are the men coming from who are capable of con- 
ducting research in textiles.'' The textile schools turn out 
men who are very largely trained in the present methods 
of manufacture, and have very little training in the study 
of the fundamental consideration of physics. The univer- 
sities turn out men well trained in science, but as a rule 
these men find immediate easy application of their train- 
ing to the industries which are more scientifically con- 
ducted; and, not knowing textiles, can see little or no 
application for the splendid theories of advanced 
science. 

Asa matter of fact, the textile industry does not need 
the application of advanced science, but rather the simple 
fundamentals mixed with a large amount of common sense. 
The Government agencies are training men fitted for such 
research, but if the industry draws from this source, the 
agencies of the Government cannot be used in the interests 
of pure research, but resolve themselves into a training 
school for a limited few, which is not a very logical use or 
occupation for the Government. It would appear that if 
the industry wants research, it will have to put such a 



premium on research as will draw scientific men into the 
field. 

The Chairman: The next paper is entitled, "Textile 
Machinery Requirements of the Immediate Future," and 
will be presented by Mr. E. Kent Swift, textile machinery 
manufacturer. 

Mr. Swift: Civilization, prosperity and the manufac- 
ture of cotton goods go hand in hand, and a study of the 
immediate requirements of the world in machinery to pro- 
duce cotton goods comes down very properly to a study 
of the fundamental conditions underlying the cotton 
industry today. Such a study must necessarily view the 
industry as a whole and take into consideration the world 
statistics as to population, state of civilization, needs as 
shown by past statistics, and conditions which have arisen 
from the war. A proper analysis of such a large subject is, 
of course, beyond the scope of this paper, but before com- 
ing to detailed figures it is proper to call your attention 
to the basic condition of the cotton industry. 

According to a statement attributed to the United States 
Department of Agriculture, it is estimated that of the 
1,500,000,000 of the world's population one half is still 
only partially clothed, while about 250,000,000 wear prac- 
tically no clothes at all, but of the clothing actually worn 
nine-tenths of the raw material is cotton, and the popu- 
larity of cotton goods is constantly increasing. 

I append herewith a table showing world's spindles, 
cotton production and population from 1870 to 1914, from 
which it will be noted that in this period of forty-four 
years the number of spindles increased 153 per cent, 
cotton production 314 per cent, and the population of the 
world 28J per cent. 

World's Statistics of Population, Cotton Spindles, and 
Cotton Production 

Population Spindle Cotton production 

(500-lb. bales) 

1870 1,310,000,000 57,800,000 5,750,000 

1914 1,683,000,000 146,397,000 23,804,422 

World's Statistics of Population, Cotton Spindles, and 
Consumption for 1913 

Population Spindles Consumption 

(500-lb. bales) 
1,683,000,000 144,055,000 22,932,000 

I have separated these figures as well for the year 1913, 
showing them itemized by countries, in order to bring to 
your attention the facts that the distribution of cotton 
manufacturing rests entirely with the civilized and more 
forward countries; that the population of Europe and 
America in 191 3 was approximately 605,000,000 people 
out of a total population of 1,683,000,000; that of the 
world's population a little more than one-third monopo- 
lizes the manufacture of cotton goods. 

As civilization and prosperity increase cotton manufac- 
turing is stimulated. A very good illustration of this is in 
the figures of the per capita consumption of cotton in the 
United States. In 1870 this was only 12 pounds, and in 
1917, 35 pounds. The purchasing power of the American 
people is well illustrated by the fact that the per capita 
consumption in England and France in 1917 was only 
lof pounds. In part, this difference may be ascribed to 
the more wasteful methods in this country. 

But viewing the cotton industry and its future require- 
ments, we are brought face to face immediately with the fact 
that nearly two-thirds of the world's population is as yet 
in its infancy in the extensive use of cotton goods, although 
the use of cotton in the more backward countries is on 



182 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



the constant increase. Statistics on cotton production 
and manufacture could be added indefinitely on this gen- 
eral subject. China and Japan alone in the last six years 
have about doubled their capacity. 

To come to the subject of this article — the machinery 
requirements of the immediate future — I think we must 
first go very thoroughly into what has been the history 
of the cotton industry, and view this history, not in the 
light of its more prosperous years, but over periods of 
decades. I accordingly append herewith a table showing 
the increase in the number of spindles in the world covering 
the last sixty years as follows: 

Number of Cotton Spindles in the World by Decades 
SINCE i860 
Year 

i860 45,688,000 

1870 58,800,000 

1880 74,000,000 

1890 88,700,000 

1900 104,000,000 

1910 134,500,000 

19 19 151,000,000 

In using statistics, I might say in passing that there is 
more or less variation among authorities. Unfortunately, 
there are no accurate figures as to spindleage, for it is a 
difficult subject with which to keep in exact touch, there 
being no census reports covering production of machinery, 
deterioration and repair. In the main, however, authori- 
ties agree. Accordingly, the figures which I have given 
are to be taken merely as approximate. As a matter of 
interest, I have used the figures of the United States 
Census with some modifications. 

An analysis of the above statement will show that the 
world's increase in spindles from i860 to approximately 
150,000,000 in 1919, is as follows: 

1860-1870 13,112,000 

1870-1880 15,920,000 

1880-1890 13,975,000 

1890-1900 15,500,000 

1900-1910 30,300,000 

1910-1919 16,500,000 

The average increase for the six decades has been 
17,550,000; for the last three decades, nearly 21,000,000 
per decade. In other words, if our increase in spindles 
is to be charted on a constant line, we should expect to 
increase our manufacturing facilities in the next ten years 
by approximately 21,000,000 spindles. 

What is of importance in this connection is not only the 
number of spindles to be put into operation — and I use 
the word "spindles" as expressing cotton manufacturing 
in the terms of a unit — but also the ability of the world's 
machine shops to produce what will be required. This 
also brings into consideration a number of factors of which 
very little is known and about which very little has been 
published. I should prefer to treat the subject by an 
analysis of what has happened in the past rather than 
by an estimate of what can be done in the future. 

Accordingly, let us take the period of igoo to 1910, the 
most flourishing period of cotton manufacturing which 
we have had in the world's history. In that period new 
spindles to the extent of 30,300,000 were added to the 
world's supply. 

Any estimate as to what the depreciation of existing 
spindles amounted to in this period is more or less of a 
guess. Cotton-mill machinery depreciates not so much 
through actual wear and tear as from the progress of 
invention and improvement in the machines themselves. 
Many of us, no doubt, have seen machines fifty years old 



still running satisfactorily, performing their functions in 
the mill, but very few of us would grant that these machines 
were practical to run in competition with their more 
modern prototypes. 

I have, therefore, taken a very cautious depreciation 
figure of 2I per cent to get my depreciation figures on the 
world's machinery. This figure is quite open to criticism, 
but I submit it simply as a very conservative estimate. 

Allowing this 2| per cent on the 104,000,000 spindles 
operating in 1900, we have a depreciation for the decade 
1900 to 1910, amounting to 26,000,000 spindles. This, 
added to the new spindles put in during this period makes 
a grand total of 56,300,000 spindles, giving the combined 
output of all machine shops operating on cotton-mill 
machinery of 5,600,000 spindles per year. This figure I 
would consider a fair estimate. 

Now coming back to what we are facing in the imme- 
diate future, we enter the year 1920, according to the 
table, with 151,000,000 spindles. During the war period, 
which was a time of stress and tremendous demand for 
production, when every machine capable of running was 
put into operation, there was very little replacement or 
repair. It has been a common story to hear of machines 
which have been running for fifteen or twenty years resold 
for more than what was their original price. 

Undoubtedly, a very large percentage of loss should be 
taken from existing machines to make a proper deprecia- 
tion. However, for the sake of conservative argument, let 
us take 2^ per cent on the 150,000,000 spindles as being 
the depreciation which we shall have to meet in the next 
ten years. This 2| per cent amounts to 3,750,000 spindles, 
or for ten years 37,500,000 spindles. If the normal 
increase is to be based on the last thirty years, new 
spindleage to be put in to take care of the normal growth 
of the world would amount to 21,000,000 spindles and we 
have a total of 58,500,000 spindles to be taken care of, 
or a yearly production of 5,850,000. As we have shown 
the production of machinery for the years 1900 to 1910 
averaged 5,600,000 spindles, it would seem that on this 
basis the manufacturing ability of the machine shops 
would balance the need. 

The abnormal condition, however, which we are facing 
today, and the one which merits our most serious atten- 
tion is the one which has been created by the movement 
for shorter hours throughout the world. At no time has the 
world needed its productive facilities to supply food and 
clothing for the starving and the ill-clad more than at the 
present time, and yet we are brought face to face with 
the problem that today facilities which under normal 
conditions were adequate are now entirely inadequate. 

Where a product rests on the speed and length of run 
of the machine the production is in direct proportion, in a 
large part, to the number of hours of its continuous opera- 
tion. In no industry is this more true than in the cotton 
mill. The machinery has been brought to a high degree 
of mechanical perfection. The theory of manufacturing, 
covering speeds and productions, is well known and fixed. 
In the main, we cannot expect to increase present speeds 
and productions materially, and today our factories, by 
reason of short hours, are reduced from 10 per cent to 
15 per cent in the time which it is possible to run them. 
In other words, the world's spindleage on comparative 
figures is to be reduced proportionately with the reduction 
of hours. 

In almost all the New England States hours have been 
reduced from 54 or 55 to 48 hours. In parts of the South 
they have been reduced from 60 to 55, and the trend is 
towards still further reductions. In England the working 
schedules have been reduced from 55I to 48 hours. On 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 183 



the Continenr, Italy, France, and Germany have all 
adopted the 4S-hour schedule. To he sure, a small per- 
centage ot the world's spindles in Japan, India and China 
are stdl runnuig lull tune, but as a whole it is fair to reduce 
the world's spindleage today by approximately I2| per 
cent or one-eighth, which on the basis of 151,000,000 
spindles is 18,87^000 spindles. I cannot see how this 
reduction of hours can be taken in any other way than 
equivalent to an absolute and direct loss in spindleage. 

I am leaving aside what has been apparent in a great 
many places — that shorter hours have also worked for a 
loss in efficiency and that a further percentage might be 
added to the loss in spindles through the inefficiency of 
labor throughout the world. This undoubtedly, however, 
will in time correct itself, and no account is taken of it. 

Adding the 18,875,000 spindles to the figures we have 
considered previously, namely, the normal increase of 
21,000,000 spindles and the loss to be made up for depre- 
ciation at 2^ per cent per year, or 37,500,000 spindles, we 
have a total number of 77,375,000 to be put into operation 
in the next decade, if we are to progress in the same nor- 
mal way as we did prior to the war. This would call for 
new spindleage to be put into operation each year of 
something over 7,500,000 spindles, which would mean 
approximately 34 per cent greater production by the 
machine shops than they were able to make between 
1900 to 1910. 

Our present-day shortage in spindles must be a guess — 
my own is about 40,000,000, made up as follows: Loss 
from shortage of hours, 20,000,000; loss from normal 
growth, 15,000,000; destruction, 5,000,000. 

It is not the purpose of this paper to interest cotton 
manufacturers to go into the machinery business, but it 
will be apparent from casual examination of these basic 
figures that for the next decade at least the world is going 
to be short of spinning capacity and that based on pre- 
war conditions it is going to be quite a difficult thing for 
us to catch up with the demand. 

The line of argument which has been presented so far 
has been based on the normal progress of cotton manu- 
facturing, but the scope of this article would probably 
not be complete unless some mention were made of the 
innumerable new uses which are being found yearly for 
cotton products, all of which absorb spindles. 

Prior to 1900 there was no automobile industry. Today, 
at least 2,000,000 spindles in the United States alone are 
working exclusively on automobile fabrics. At the present 
time, it is calculated that 150,000 tires are being consumed 
per day, and plans are now being made to increase this 
production 50 per cent; this in terms of spindles means in 
the next year and a half 1,000,000 more spindles will be 
put into the automobile industry in the United States. 

New uses for cotton have been found in the mercerized 
yarns in place of silk, artificial leather, msulation for wires, 
wall coverings as a substitute for paper, etc. 

The abnormal situations created by the war might also 
be touched upon. The table shows very clearly the loss 
in machinery which the world has suffered during the war 
period. From the 30,000,000 spindles added in the ten 
years from 1900 to 1910, we dropped nearly 50 per cent 
to 17,000,000. 

In Continental Europe the estimated loss in spindles 
from actual destruction will vary from 1,000,000 to 
1,500,000 spindles, and approximately 40,000,000 spindles 
existing there have been practically put out of commer- 
cial production during this entire period. In Russia 
alone, with its 9,000,000 spindles, there is undoubtedly 
considerable replacement to be made some time. 

You have seen the picture as the pencil in the hands 



of the statistician would draw it, perhaps, some of you 
might say, with the aid of one interested in the sale of 
machinery. It is not, however, my desire to write a brief 
either for the cotton trade or for its handmaid, the ma- 
chinery industry. The two are most intimately connected. 
If the world is short of spindles and the demand for cotton 
goods is practically inexhaustible, prosperity, activity and 
work await us all. 

The brief which I might make for the machine builders 
of the world is that we hope in time to so increase our 
facilities as to meet the requirements of the textile industry, 
but we, as well, have had our plants reduced in output 
through shorter hours, and the conditions of manufactur- 
ing today are none too easy. It is safe to prophesy that 
for the next four or five years, or perhaps for the next 
decade, our facilities will be taxed if we are to make up 
this astonishing deficit in productive capacity. 

The Chairman: Is there any discussion? 

A Delegate: I should like to ask Mr. Swift if he took 
into consideration the increased reduction as a result of 
the possible double shifts. 

Mr. Swift: I did not take into consideration those 
facts. From my own personal information I do not think 
it will be practical to run shifts as a general proposition. 
We are doing it in several places, but not as much as in 
1910 and 1911. I paid no attention to that factor, as well 
as many others. 

A Delegate: With reference to the cost of production, 
as to the labor cost and the machinery cost, was that 
taken into consideration.'' 

Mr. Swift: I made no statements as to cost whatever. 

A Delegate: Has Mr. Swift any facts as regards 
looms. ^ You have given us facts regarding the spindles, 
have you any facts regarding the looms. ^ 

Mr. Swift: No; I separate looms from spindles. I 
took it in terms of spindles as representing both looms 
and spindles. I did not present anything covering looms. 

The Chairman: The Conference will now hear dis- 
cussed the question of permanent organization by Mr. 
W. Irving Bullard, spinner and banker. 

Mr. Bullard: Among the lessons driven home by the 
World War, the need of cooperation stands well to the 
front. The proposal of a League of Nations — apart from 
all question as to its exact form — expresses the political 
phase of that necessity as an insurance of political peace 
and progress. But the world's need of understanding and 
harmony is now no less economic; and economic factors 
often lay the foundation of history. 

Both in its beginning and in its ending, the war taught 
us this anew. In 1914 it plunged like a 75-centimeter shell 
into the midst of a vast and delicate web of world trade 
and finance that had been a century or more in the weav- 
ing. We all remember the dislocation that struck this 
world network — ships, railways, cables, wireless, trade, 
debts and credits — and also remember vividly the tremen- 
dous diversion of energies and shifting of trade channels 
which followed during the war. 

Now, with the fighting stopped, we see a world engaged 
with huge tasks of readjustment. In particular we 
observe an entirely new and extreme form of economic 
dependence by the older upon the newer hemisphere, in 
terms of sorely wanted goods even more than in terms 
of billions of dollars. The world is today knit by vital 
needs even more than ever before. 

These general observations apply to myriad forms of 
international business and trade. But particularly they 
apply to the great staple industries. Mankind must 



184 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



always satisfy its primary wants of food and clothing. 
If there is any world industry that today because of these 
new conditions needs correlation and vision, based on 
exact knowledge and on close cooperation in all its ele- 
ments, it is the textile trade of the world. 

Alike in raw cotton and in the fabrics made therefrom 
is such a program indispensable, for the sake, first, of the 
world and, second, of our own trade interests. As in food 
and fuel, the world will for some time face a narrow margin 
between a limited supply and a clamorous demand; and 
the wise adjustment of these not only becomes the business 
of statesmen but also calls for statesmanship m busmess. 
Besides the normal competition of buying and selling in 
world markets, there have now entered new world prob- 
lems of supply and distribution, in terms of material, labor, 
transport and payment. The war has left the world fac- 
ing these great and diverse needs to be met and measured 
alike in raw materials, machinery and finished fabrics 
and in such related questions as ships, exchanges and 
credits. 

Had there been no world war and did there not now 
exist problems which arise from war's destruction and dis- 
location, and promise to exert their disturbing influence 
for years to come, the proposition of a world cotton federa- 
tion would still be timely and meritorious. It would be a 
logical step forward in the evolution of international 
industry — in the weaving of that world web of trade. 
The war has sharpened the need and emphasized the oppor- 
tunity. 

In the modern scheme of civilization, cotton is second 
only to food. Its production, manufacture and distribu- 
tion are world matters. The most intelligent and efficient 
handling of these is a world concern. Also, whatever the 
relations as competitors or customers that exist among 
the many branches of our industry and the many countries 
of their location, such efficiency is a benefit to all. It is 
the fruit of contact, of counsel, of cooperation — and of 
the knowledge and action that spring from them. It does 
not impair, but enhances, self-interest. It does not limit 
fair and keen emulation and competition. 

Now is the time and here is the place for formulative 
and organizing action. This year has seen numerous pil- 
grimages across the ocean, both ways, of delegates of one 
branch or another of our industry to seek new light and 
learn new facts in this great time of flux. Here is now 
gathered the greatest representation of all interests asso- 
ciated in any capacity with cotton that the world has ever 
seen assembled. It is a world congress, with the power 
to enact. In its own sphere it rivals the great conference 
at Paris. It also faces world problems of a new peace 
era. From its comprehensive expert knowledge and its 
deliberative wisdom may readily be born a permanent, 
enduring organization, of lasting benefit to both the world 
and the industry. Its dissolving without attempt to 
leave such a heritage would be a calamity. 

It does not have to attempt bold experiments in un- 
charted realms. The nuclei already exist in various sepa- 
rate national or logical organizations of different trade 
interests, alike in our own North and our own South and 
in the continents of Europe and Asia. Among all these 
constituent elements I may be permitted as an American 
to mention one as an especial nucleus — the International 
Federation of Master Cotton Spinners' and Manufac- 
turers' Associations. But also I may be permitted to 
point out that this Association does not include America; 
also that it is international in function only so far as 
spinning is concerned. A true world organization needs a 
yet broader scope. It should also embrace the growers 
and all other cotton factors throughout the world. 



Production of cotton is today international. The manu- 
facturing consumption of cotton is decidedly international. 
The financing of the whole industry is increasingly inter- 
national. All these elements should cooperate for their 
joint benefit in solving separate or common problems. 

The raising of cotton is primarily America's task and 
problem. The spinning of cotton is the primary concern 
of such a nation as England. But the world supply of 
cotton, of machinery, of yarns and fabrics is a world affair. 

And on every phase of that world aff"air the world needs 
comprehensive knowledge — as to conditions, tendencies, 
prospects. An international bureau of statistics is a vital 
need in these after-war times, and will remain an agency 
of great permanent value. It is even more essential in an 
industry so complex, technical and rapidly changing than 
is the corresponding attempt in foodstuff^s. And here 
again the nuclei already exist — not the least right here 
in New Orleans. 

Here, in brief, is the subject matter, itself capable of 
much elaboration and subdivision. All that is needed is 
the will, the spirit. And behind that is the urge of these 
stirring and significant times. 

That spirit is easily defined. It is in the air. It is that 
will to cooperate which won the war. It is the spirit that 
animated the war industries of the Allies. It is the spirit 
that among Americans has inspired such men as Hoover 
and Lamont and Vanderlip and Gary. Our President has 
thus expressed it: "The men who do the business of the 
world now shape the destinies of the world." The Presi- 
dent of the Chamber of Commerce of the United States 
thus phrased it in describing the purposes of the Inter- 
national Trade Conference to be held at Atlantic City: 
"To thresh out the problems of world trade in the friendly 
atmosphere created by the get-together spirit." 

Lord Robert Cecil thus voiced it late in August as head 
of the Supreme Allied Council: "We are entering a time 
which will be the greatest test of the basis of our civiliza- 
tion. The economic position is incalculably serious. 
During that period the closest consultation of the powers 
will be one of the greatest safeguards, not only to prevent 
national misunderstandings but to meet problems of 
unexampled difficulty. The interdependence of modern 
nations is one of the products of modern civilization." 

And Herbert Hoover, in seconding Cecil, said: "Thanks 
to the Supreme Council and to support far beyond what 
could have been hoped for from nations exhausted by 
war, we have been able to feed 200,000,000 people and to 
spend more than $800,000,000. Somehow, by some means, 
the sense of service and cooperation that dominated the 
Allied peoples during the war must be kept alive." 

It is that spirit of get-together, of cooperation and 
mutual service, that is active today in the world of 
cotton. We have here the unexampled and golden chance 
to create a Supreme Council of cotton. We have the wit; 
all we need is the will. The need cries aloud: all over a 
war-shaken world. 

If I may again take as an analogy the aspiration for a 
League of Nations — whatever its final precise form — - 1 
also instance the report by our Ambassador at Paris that 
the French Parliament will this autumn discuss a resolve 
for a financial society of nations to study and aid the 
financial operations of all nations. We here can definitely 
form our own League — not merely of the various nations 
but, within and among them of all types of enterprise 
embraced by that all inclusive word — • Cotton. 

There will be plenty to do for that world cotton council. 
I shall attempt only the briefest survey or catalogue of 
some of the subjects, largely universal in nature, that 
might well engage its continuing attention. And herein I 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 185 



speak from the vantage point of bankuig as well as of 
cotton. 

There is the vital need of improving cotton agriculture, 
the world around — of correlatmg progress in production, 
in both quantity and quality. This is particularly the 
case in the latter — in raising the grade, in lengthening 
the staple. Train the world's cotton growers to the maxi- 
mum care in seed selection and in cultivation. For us in 
America it is little short of an economic crime to raise 
cotton under |-inch staple — no higher in spinning value 
than the products of India and China. 

Improvements here mean benefit to both producer and 
consumer. A good staple is the foundation for the con- 
stant and notable progress in converting which in new 
finishing processes and in amazing varieties ot cloth has 
scored such great advance in recent years. Spinners in all 
lands want good cotton and are willing to pay its fair 
price. One or more cents a pound for it means little if the 
finished fabric will net a dollar a pound instead of one 
half or one fourth that amount from an inferior staple. 

Then, there is the matter of grades and standards, in 
which our own governmental agencies have done excellent 
work. The cotton trade itself can in its buying in the 
primary markets achieve a conspicuous reform if it will 
firmly establish the practice, not of making an average 
price regardless of staple, but of paying locally for each 
bale on its merit. Nothing else will so quickly stimulate 
good farming as such a premium on quality or discount 
on inferiority. 

More, as well as better, cotton is — now at least from 
the mill viewpoint — the world's greatest prospective 
need. No matter what the. carryover or consumption may 
be, manufacture is sure to expand, both as a normal 
development and because of a world dearth of garments. 
It has recently expanded considerably in Japan, China, 
India and Brazil; textile capacity on the Continent will be 
restored rapidly, and English and American mills are 
sure to continue their progress. The world's population 
will keep on growing, its unit consumption increasing. 

Speaking of this conference, the London Economist said 
in August: ''Lancashire's representatives will press the 
importance of increased supply, and it is pretty certain 
that unless America is prepared to grow larger crops, 
fresh sources of supply will have to be found in other parts 
of the world." The British Board of Trade committee 
appointed in 1916 made survey of the Empire's possibili- 
ties, concluding that India offered the best field. In 1917 
the Indian Government named a commission to study 
cultivation of a longer staple. This year it has reported 
that although India as a whole cannot grow longer than 
iiV-inch cotton for at least ten years, an inch or slightly 
longer can now be raised in parts of the Punjaub and the 
Madras Presidency, and i| inches in the former with 
irrigation. Most of India's cotton is now under ^-inch 
and contains much leaf and dirt. Both commissions 
recommend better seed mixing and grading. 

Egypt and the Sudan are looked to for increased out- 
puts. The Spanish Government is aiding an increase of 
cotton acreage. There are possibilities in Africa, Asia 
Minor and Mesopotamia, and in Brazil, Peru and Argen- 
tina. Japan, whose textile profits have multiplied almost 
fivefold since 1913, plans to augment production in China, 
Korea and Formosa. England has its Empire Committee 
and its British Cotton Growing Association considering 
this problem. The latter society, which reports an aver- 
age of 65,000 bales grown annually in African fields other 
than Egypt the past five years, looks for expansion 
shortly. 

America, however — growing 62 per cent of the world's 



production as against 24 per cent for her two nearest 
rivals, Egypt and India — must remain the great source 
of supply. And yet, here in the South the watchword is 
restricted output, on the theory that 11,000,000 bales at 
high prices means more profit at less effort than 13,000,000 
or more bales at moderate prices. Many associations of 
growers in the South are presenting cost sheets to show 
that prices around 40 cents are necessary under present 
conditions. 

The world asks more cotton; the South says less. 
Thus there develops a double conflict of apparent interest, 
between the growers and the users of cotton, and among 
the many cotton-growing areas of the world. Here is 
where a world federation can be of universal service. 
Without attempting to umpire or arbitrate unless re- 
quested, it can serve as a forum for all these interests. 
They can better understand one another, they can learn 
from one another. At the least, such a federation can 
perform an inestimable service by keeping them all 
informed in an accurate, comprehensive way on the prog- 
ress and the problems of all, in raw materials, machinery 
and fabrics, on acreage, crops, consumption, stocks, con- 
struction, processes, costs and prices, markets, and a 
hundred other details. In the shifting conditions after 
world war, the value of all this needs no elaboration. 

Cotton and its products must be moved, as an important 
factor in the world's transport trade. Here again we have 
a war heritage of new conditions. America's cotton 
exports, for example, fell from a pre-war average of 
8,840,000 bales to 4,530,000 in the 191 8 fiscal year, and 
recovered to 5,295,000 in the year of June 30 last. But 
the value per bale has risen from $66 in 1914 to $163 in 
1919. American exports of cotton goods have risen from 
an annual average of $46,000,000 in the five years before 
the war to $232,000,000 in 1919. Although the yardage 
has increased only 37 per cent between 1914 and 1919, 
the value increased 355 per cent. 

What will the world buy from America in cotton, and 
what can we sell it to cotton goods, under the new after-war 
conditions.'' All other countries face alike these new sell- 
ing or buying problems. A world federation can help 
solve them. 

All these products must be paid for. Here, as one inter- 
ested in banking as well as in cotton, I need only mention 
the vast problem of adjusting international credits. I 
need only recite the recent depreciation of European 
currencies as measured in the dollar, ranging from 15 per 
cent in case of England to 42 per cent against France, 
49 per cent against Italy, 87 per cent against Germany, 
and about 92 per cent against Austria and Russia. The 
need of credit solution by credit extension is palpable and 
imperative. Europe may economize by ceasing purchase 
of all save necessities, which hurts America as a vender of 
manufactures, textiles or otherwise; but Europe must buy 
the necessities, cotton especially, and is hurt by the 
premiums she must pay. Germany, to take a single 
example, needs this year one to two million bales minimum 
for her 10,000,000 spindles; yet Germany wants to make 
no payment inside of a year. It may be long before the 
world's exchanges are back to the normal limits that pre- 
vailed prior to 1914, especially with reparation indemnities 
being paid. A world federation is essential to give a wide 
outlook not merely on what happens in exchange terms 
but also on what these mean in cotton terms. 

Then there is the matter of transportation — ■ railways 
and ships, land and ocean freights, charters and insurance, 
old and new routes and schedules to old and new markets, 
tonnage and cargo conditions, port developments, and 
many other factors affecting carriage the world over. 



186 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



World tonnage is some 7 per cent less than five years ago, 
and should be twice that percentage above 1914. How 
fast will new tonnage come? Will ocean rates drop 
materially in 1920, as some affirm and others doubt? 

There is the important issue of adequate storage, and 
its financing. Better warehousing is especially the need 
here in jAmerica. A coordinated system is needed to regu- 
late properly the flow of cotton, making the warehouse 
receipts much stronger collateral. European cooperation 
in banking and insurance in this connection will be expe- 
dient. A world federation can do much to improve the 
international handling of cotton. 

There is the matter of export combinations, first highly 
developed by the German kartels, now more fairly legiti- 
mized in this country by the Webb-Pomerene act. Pos- 
sibly there may be created bounties and subsidies here or 
there, to be noted and watched. 

In the field of manufacturing — too vast and compli- 
cated to dwell upon here — there stands forth the vital 
international issue of dyestuflfs. In ^America, England, 
France and Italy alone, yearly production to the value of 
^5,cco,cco,cco is dependent on aniline dyes. Hence all 
eyes are on Germany and on the progress of Allied nations 
in emancipation from German dye control. The Peace 
Treaty gives the Allies an option on 50 per cent of all dye 
stocks in Germany and on 25 per cent of all her future 
output — or 25 per cent of the pre-war rate if that is not 
equaled, together with power to fix prices. Yet there 
lingers the fear of German prowess and propaganda, 
despite the dye-making progress in Allied countries. 

T hat progress has been notable, although many obstacles 
remain. Our dye makers claim adequacy except in a few 
high concentrates and a few types such as mode. Lord 
Moulton and Dr. Levinstein as Directors of the British 
protective merger — the British DyestufFs Corporation, 
in which the government has £1,700,000 invested — are 
equally sanguine. Our government has arranged for bring- 
ing over part of the needed German vat dyes for six 
months from October i. We have had much agitation as 
to the merits of the two-year licensing system on German 
dyes which in the Longworth bill is linked with increased 
tariff protection. 

Need I say more as to the value of such cooperative 
counsel as would be feasible under a world federation in 
this vexed but vital issue of dyestuffs? 

An interesting incidental item regarding Germany is the 
information of the outside world considering war-time 
progress in development of substitutes for cotton derived 
from nettles and other vegetable substitutes. 

I could go on — as did Homer in cataloguing the ships 
- — almost interminably in citing matters of world scope 
which affect our world industry. I shall be brief in merely 
mentioning a few more. 

After the war ■ — in fact already — new changes in inter- 
national tariffs are certain. We are just coming out of an 
era of embargoes and restrictions, not yet wholly lifted in 
Europe. The United States and Canada may readjust 
their tariff schedules. England has decided on a measure 
of colonial preference. A step toward protection is taken 
in the Lloyd George program against "dumping" and in 
the safeguarding of "key" industries. France this past 
summer began the study of general tariff revision, par- 
ticularly as to negotiating new commercial agreements. 
Other European countries are doing likewise. Here is a 
fertile field for survey by a world cotton federation. Also 
it might keep a weather eye on taxation. 

Our industry needs all the continued help that science 
can give. In England this year the Research Association 
for the Cotton Trade was established, with the idea of an 



Institute located in Manchester and experimental stations 
in the factories and cotton fields of the Empire. The 
Lloyd George program mentioned above contemplates 
national effort towards standardization and technical 
instruction. A conference to promote international scien- 
tific research was held in August in Brussels. We have in 
the United States a good beginning in our textile schools, 
agricultural department, etc. Let us link all these efforts 
in a world federation that shall enlist for common benefit 
all that chemistry, physics, agronomy or any other science 
may teach. 

Let us likewise attain better commercial intelligence by 
aiding in the improvement of consular services, depart- 
ments of commerce, trade commissions, intercountry 
chambers of commerce and clubs, and attention to impor- 
tant expositions and fairs that have possible relation to our 
industry. 

There are many matters of quasi-legal interest that con- 
cern us internationally — patent laws, trademarks, bills 
of lading, port dues, demurrages, damage regulations, 
labor and factory legislation, etc., to be codified and 
reported. 

There is the item of the physical expansion of our world 
plant — not only in acres, but in brick, steel and 
machinery; the extent, the character, the new needs and 
ideas in construction. Likewise the progress in power, 
coal, oil and water. Also the big item of the collective 
bookkeeping of our industry, some comparative light on 
its general costs, overhead, wages, prices, credits, profits, 
etc. On all these things, without real conflict of competi- 
tive self-interest, a world federation can prove itself an 
invaluable servant. 

There may at times arise the need of common watchful- 
ness or defence in regard to common interests, against 
policies or laws or agitations. These are yeasty times in 
the world. Here in America we are none too placid over 
what we call the H. C. L. and the "profiteering" agita- 
tions — and we know that conditions are similar in other 
countries. We join in wanting justice and equity; per- 
haps we may need to join in guarding against economic 
injustice. 

Then there is the great human element — in a two-fold 
form. Through a federation the men who are the premiers 
and generals in the great kingdom of cotton can come to 
know one another better; and acquaintanceship and 
counsel are two great human assets. The subordinates in 
the army of cotton will share that benefit. 

And in the ranks is one of the world's great problems 
left by world war, and not peculiar to cotton — the status 
of labor. Cultivators, pickers, operatives, clerks, sales- 
men, they mount into millions. Unrest among labor is a 
byword today in every land. International thought upon 
the problem is one of the provisions in the League of 
Nations covenant. The need of encouraging productivity, 
in an almost discouraging atmosphere of personal relaxa- 
tion or indifference, is one of the whole world's prime 
needs. The fair solution of questions of hours and wages 
is not easy in any country. The danger of a revolutionary 
radicalism is not a myth. The wise way of handling such 
matters as pensions, bonuses, profit sharing, industrial 
democracy, living and housing conditions, apprentice- 
ships, etc., is a live issue. On this, as on many other single 
topics mentioned, a whole treatise could be written. And 
all of these topics are international in bearing; they have a 
world significance. 

What we need then, as never before in the history of 
our industry — an industry producing a staple worth over 
$2,500,000,000, and a finished product worth nearly 
$10,000,000,000 — is world counsel, world action. Many 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 187 



years ago, when the need was far less keen, British initia- 
tive through the International Federation of Master 
Cotton Spinners and Manufacturers Associations linked 
up many countries, except America, loday America is 
your hostess. America has now a new world outlook 
which she did not have prior to those fateful days in 1917 
when she mustered her youth and her treasure to share in 
the world war for freedom. 

She knows and feels that the tasks of cooperation are 
not ended — that many ot them are but beginning and 
are sure to be continuing. 1 hey can be better performed 
in generous concert than in jealous rivalry. A world of 
one and three-quarter billions, in every clime, must be 
clothed as well as led. We, in every country that raises 
or manufactures, that buys and sells, the precious white 
staple, should in proper measure be collaborators as well 
as competitors. Otherwise we are untrue to the great 
lessons of the very war that has made for us so many 
unprecedented problems. 

Hence, my concluding recommendation — that having 
here wrought the outline and determined the subject 
matter of such a world federation, and a method for its 
organization and recruiting, its first executive should be 
named from that country where the succeeding annual or 
biennial session of such a federation shall be held — pre- 
sumably in the other great cotton continent of Europe. 
Now and here we promise you earnest and zealous dele- 
gates from our American industry — from the southern- 
most cotton field of Dixie to the northernmost mill of 
Maine. 

Tennyson prophesied both the brotherhood of man and 
the federation of the world. We, in this era, can do now 
our chosen part — in cotton! 

The Chairman: Is there any discussion of Mr. Bul- 
lard's very admirable address.? 

Is there any further business before the meeting? If 
not, the chair will entertain a motion to adjourn. 

The next General Meeting of the Conference will be at 
2 P.M. tomorrow. 

{On motion made and duly seconded, the meeting was here 
adjourned.) 

SEVENTH SESSION 
Thursday, October 16, 1919 

2:35 o'clock P.M. 

The Chairman: The Conference will come to order for 
the purpose of receiving the reports by the General Com- 
mittee of the votes on resolutions. Before we proceed 
with the regular order of business, I desire to say to the 
Conference that the Southwestern Cotton Congress, rep- 
resented by Mr. Chandler, desires to tender an invitation 
to the Conference and I will recognize him for that pur- 
pose — Mr. Chandler. 

Mr. Chandler: Gentlemen of the Conference — On 
the 23d, 24th and 25th of this month, the Southwestern 
Cotton Congress is to be held in the city of Mesa, Ari- 
zona. Mesa is located in the Salt River Valley, in the 
center of the district now growing the long staple cotton. 
On behalf of the Executive Committee, I have been asked 
to tender a hearty invitation to this Conference to attend 
that Congress. 

The Chairman: Unfortunately, on account of the delay 
in transportation, the delegation from Spain did not 
arrive until recently. I am quite sure the Conference will 
be glad to interrupt the regular order of business to hear 



a few words from a representative of the Spanish dele- 
gation, Senor Alfonso Par, who will address you on the 
subject of "Landing of Cotton in the European Con- 
tinental Ports." 

Senor Par: I do not think the study of the transporta- 
tion of cotton to be complete, without considering its 
landing. This does not affect exclusively the European 
buyer, but also and perhaps to a greater extent, the 
American seller. The latter, as much as the former, has 
to bear the consequences of mix-ups, losses in weight, 
dampness, averages, etc., which could in a large measure 
be avoided, or at least curtailed, if the landing ports had 
special and adequate arrangements exclusively devoted to 
cotton. 

The fact that cotton is pressed and baled and does not 
spoil in the open air has led many port authorities to give 
the preference to other stuff which is perishable, especially 
wheat, corn, sugar, etc. When these fill the available 
shed room, then cotton is dumped in any open place. 
It is thought that tarpaulins are a suflficient cover; but 
they are not. In hot climates cotton in the open air, 
protected only by tarpaulins dries out to a remarkable 
extent, the result being, on the one hand, losses in weight, 
and on the other, that it absorbs in the mill a far greater 
proportion of humidity than would be necessary in 
other circumstances. In cold climates or on rainy days 
the effects are, however, worse. If the tarpaulins are 
abundant and well laid, the top and sides of the bales 
may be protected, but usually not the bottoms, wherefore 
the water soon finds its way along the uneven ground, and, 
as on rainy days, the operations of weighing and taking 
out of the port are much more diflficult, it follows that the 
bales remain a longer period, perhaps until the weather is 
fine. Furthermore, the want of special cotton sheds 
makes it necessary for the receivers to take out their 
bales as quickly as possible, thus making the operations 
of classing, sampling, surveying in case of damage, mend- 
ing, etc., more costly and at the same time more imperfect. 

Now, let us remember that since the war, a great many 
European ports have been so congested that even in those 
possessing good sheds, like Barcelona, the exception has 
been the rule, and cotton has been handled in the open. 

I do believe, as I have said, such a condition of things 
interests all parties concerned in the handling of cotton, 
and consequently the World Cotton Conference cannot 
ignore it. As to its remedy, my own experience has proved 
to me that it is not within the purview of the landing 
port's authorities, as at first glance it might seem. The 
port authorities everywhere jealously defend their right 
to distribute the landing locations for the steamers. They 
are guided by the space available on the quays. For this 
reason any appeal to them from the local trade is usually 
unsuccessful as a permanent measure. 

Of course, I am referring to those European continental 
ports which have not built sheds, wharfs and warehouses 
permanently and exclusively devoted to cotton. It is 
only, I believe, by special decision of their governments 
that the port authorities will be prevailed upon to sanction 
their erection. And I think that the local cotton mer- 
chants and importers in those ports will congratulate us, 
if they see that the World Cotton Conference has passed 
a resolution to that effect. Without any doubt, it will be 
their best support in pressing their own governments for 
action in this matter. 

I understand it is embodied in some of the resolutions 
already passed, so that the representatives of the inter- 
ested countries may come in touch with the permanent 
Committee of the World Cotton Conference and see the 
best course of action to be followed in each case. 



188 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



Gentlemen, I trust your work will lead to practical and 
permanent success. 

Mr. MacColl: There is one resolution on which there 
is some difference of opinion. It is the resolution with 
regard to the permanent organization. On one or 
two minor points there is a difference of opinion, 
and it is desirable that we agree upon it, rather 
than have it fall to the ground. It is suggested that a 
Conference Committee be appointed, consisting of one 
representative of each of the classes of business interests, 
and five members at large, selected by the President, and 
that they immediately adjourn to another room and confer 
regarding the changes that are necessary m order to arrive 
at an agreement, so that the matter can come back to this 
meeting and be passed upon. I think we are all anxious 
to have some kind of permanent organization, and my 
motion is that such a committee be appointed. 

{The motion was duly seconded.) 

The Chairman: You have heard the motion by the 
Chairman of the Executive Committee, and all in favor 
will signify by the usual voting sign. 

{On vote being taken the motion was iinani?nously adopted.) 

The Chairman: The motion is that a Conference Com- 
mittee be appointed, consisting of the Chairman of each 
of the business groups and five members at large. 

{The Chairman thereupon annou7iced the following group 
Chairman as members oj the Committee?) 

John A. Simpson, Chairman, Growers 

T. F. JusTiss, Chairman, Ginners 

J. J. Lawton, Chairman, Seed Crushers and Matiiifac- 

turers of Seed Products 

W. D. Nesbitt, Chairman, Compress and Warehousemen 
John M. Parker, Chairman, Cotton Merchants 
M. J. Sanders, Chairfnan, Transportation and InsuraJice 
Samuel L. Rogers, Chairman, Governments and Eco- 

nom ics 

W. Frank Shove, Spinners and Manufacturers 
Bertram H. Borden, Textile Merchants, Converters and 

Finishers 

Owing to the absence and inability to serve of Sir A. 
Herbert Dixon, Chairman of the Foreign Spinners and 
Manufacturers, and P. H. Saunders, Chairman of the 
Banking Group, Mr. Robert Worswyck and Mr. John T. 
Scott, respectively, by consent of the Conference, were 
appointed in their places. 

The Chairman then announced five delegates selected 
at large, as follows: 

John E. Rousmaniere W. Irving Bullard 

Hatton Lovejoy Col. J. J. Shute 

T. N. Grant 

The Chairman: Mr. C. J. Bergh, representative of the 
Government of Sweden, only arrived today. If he is 
present we shall be very glad to hear from him. 
(Applause.) 

Mr. Bergh (Sweden): For the kind introduction of the 
Chairman of this conference I express my sincerest thanks. 
I beg to refer to the very good relations that always have 
existed between the people of the United States of America, 
and the people of my country, Sweden. It will be a great 
pleasure to me to make a report to my government regard- 
ing this most successful conference, in which the future of 
cotton, from the farmer to the manufacturer, has been 
treated and discussed by most capable and learned experts. 



The Chairman: I understand that a representative of 
Denmark has also just arrived, and if he is in the building, 
the Conference will be very glad to hear from him. 
(Applause.) 

Mr. Valentinus (Denmark): I desire to express to the 
Chairman and members of the Conference my sincere 
thanks for having been invited to this meeting. I repre- 
sent the Government of Denmark, and in behalf of my 
government and myself, I want to assure you of the 
appreciation we feel for the many courtesies and kindnesses 
shown me while here. 

The Chairman: The representative from Portugal has 
just arrived. 

Mr. Taveira (Portugal) : Gentlemen, you must excuse 
me if I cannot express in English my appreciation of being 
at this cotton conference. We feel in close touch with this 
country, as Lisbon is in a direct line with New York. 
We hope for the best conditions of our small country 
through the benefit of this confe ence, and we are in posi- 
tion to furnish all the facilities necessary in the handling 
of your cotton. I cannot forget the grand reception we 
have been offered here. 

The Chairman: I will now present to you Mr. Morch, 
representative of Norway, who will address you. 

Mr. Morch: Gentlemen, on behalf of the Norwegian 
Government, and the Norwegian Cotton Association, I 
beg to express our heartiest thanks for the kind way in 
which we have been met here. We all think that from 
conferences of this kind, more than anything else, 
will follow good relations between the various peoples, 
wherever such conferences may be held, and we trust 
that in future they may meet with the same success as 
has been the case here. 

The Chairman: Is Captain Charles Clerc, of France, 
in the building.'' If he is, we will be glad to hear from 
him. 

Captain Clerc: Gentlemen, I must say how very 
pleased I was to be detailed by the Havre Cotton Asso- 
ciation to come here to New Orleans for this World Cotton 
Conference. I had the pleasure during the war to be 
detailed to American troops as instructor for over one 
year, and in the school I was in charge of, I think I in- 
structed twelve thousand American offices for infantry 
specialties. I am sure that I have now over the whole 
country many friends. When I left France, I felt a bit 
low-spirited, because things are not very easy in our 
country just now. We have any amount of trouble with 
labor, and any amount of trouble also in having our mills 
restored; and exchange, as you know makes things very 
difficult for us, but as soon as I arrived here, things seemed 
to change. We receive everywhere such a kind reception, 
and all the people I met on the train, when they knew I 
came from France (very nearly all had been over there 
during the war) spoke to me very kindly, and it is in this 
spirit that I have entered the Conference, and it is my 
opinion that we have gotten a little nearer together during 
this Conference. I am sure that it is only proper, after 
you came so gallantly to us in the war, that we should come 
to you now, and ask you to help us, as it is by good work 
together and conversation and conference that we will 
obtain the good results which we desire. 

The Chairman: Mr. Wilson, the Secretary of the 
General Committee, will now read the resolutions to 
you. 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 189 



The Secretary: Mr. President and gentlenicn of the 
Conference, the propositions voted on by the eleven groups 
this morning \\ere as tollows: 

Report of the Committee on Research, Reports 
AND Statistics 

Unanimously approved by each of the eleven classes 

1. This committee has been directed to consider and 
report upon a possible international system of reports and 
statistics covering all phases of the growing, marketing 
and manufacturing of cotton as well as the need for and 
possibilities of research work in the textile industries. 

2. The committee emphasizes the fact that there are 
many points of common interest in the industry from the 
grower to the consumer. The producer of cotton must 
know^ the demands that are to be made upon him, both 
as to quality and quantity if he is to be able to do his 
part in providing satisfactory raw material, while the con- 
sumer should be intensely interested in all phases of 
cotton production, and must plan his program with due 
consideration to the fibres available for his particular 
purposes. Throughout the industry, the finished product 
of one operator becomes the raw material for the next 
manufacturer, so it becomes difficult, if indeed not impos- 
sible, to draw definite dividing lines. We must have full 
cooperation between all of the interests involved, and it 
would obviously be quite unfair for any division of the 
industry to contribute less than its full quota to the work 
in hand. 

3. Not only must all divisions of the cotton trade in any 
one country contribute to its own improvements by the 
proper use of research, reports and statistics, but it must 
be clearly understood that the same work is of inter- 
national importance. When it is remembered that cotton 
constitutes about 90 per cent of the fabric used through- 
out the world and all of it in many places, it is evident that 
the interest in the material is as widespread as in any 
community and that the problems of the industry vitally 
affect all the countries of the world. 

4. The committee views with gratification the work 
which has already been undertaken by the various agen- 
cies interested in research, reports and statistics; it has 
had the activities of the International Federation of 
Master Cotton Spinners and Manufacturers Associations 
brought to its attention, and is familiar with the experi- 
mental work conducted by the Empire Cotton Growing 
Committee. It also commends the efforts of the various 
continental cotton-growing associations in the colonies of 
their respective governments. The committee endorses 
in general the excellent and painstaking work of the 
Indian Cotton Committee and compliments it upon the 
exhaustive and detailed report which has just appeared. 
It specifically approves the recommendations relative to 
theimprovement of Indian cotton statistics and the licens- 
ing of ginners. Appreciation is also expressed for the valu- 
able work carried out by The Textile Institute of Man- 
chester, the International Agricultural Institute and by 
the various continental countries. 

5. Attention is called to the work of the British Cotton 
Research Association which should be carefully studied 
by anyone contemplating experiments along similar lines. 

6. The thoroughness with which the Japanese cotton 
statistics are compiled is noteworthy, as is also the willing- 
ness of South America and other countries to do what 
they can to supply promptly statistics of international 
value. The thorough work of the Bureau of the Census, 
the several bureaus of United States Department of Agri- 
culture, the Bureau of Foreign and Domestic Commerce 



and the Bureau of Standards is appreciated and en- 
couraged. 

7. The efforts of the Interstate Cotton Seed Crushers 
Association to establish research laboratories are note- 
worthy The activities of testing and conditioning labora- 
tories in Great Britain, the United States and elsewhere 
are of great value to the industry as are also researches 
carried on in the laboratories of many commercial estab- 
lishments and educational institutions. The agricultural 
experiment stations of the United States and other coun- 
tries particularly interested in cotton have made contribu- 
tions far exceeding in value the- cost of the experimental 
work, and it is hoped that their efforts may be continued 
and increased. 

8. The efforts made by associations representing various 
divisions of the cotton trade, notably the Cotton Exchanges, 
to secure, tabulate, and digest the statistics are important 
as in many instances such records would doubtless not 
have been kept by any other agencies. 

9. The committee fully recognizes the many difficulties 
which confront those endeavoring to obtain complete, 
reliable and satisfactory statistics in different parts of the 
world and to assemble these international statistics, but, 
in the opinion of the committee, the ideal for which we 
must strive, is for each country to collect, compile and 
publish under government authority complete data on 
cotton for its own benefit and to contribute to the sup- 
port of an international organization which should receive, 
digest and publish cotton statistics of the whole world. 

10. Until this ideal can be realized, the committee 
recommends that the various countries continue to gather 
and promptly publish statistics on cotton production and 
exports and imports of manufactured cotton goods, mak- 
ing these statistics readily available for the compilation of 
world statistics. It specially recommends that the Inter- 
national Federation, the International Agricultural Insti- 
tute, the Bureau of the Census and the United States 
Department of Agriculture be made depositories. 

11. With a view to having one uniform system for 
recording statistics of cotton production, this committee 
recommends to all countries the adoption of the form of 
ginners' reports as compiled by the United States Bureau 
of the Census. 

12. The committee is of the opinion that the govern- 
ments of all countries should be urged to tabulate statistics 
of exports and imports of manufacturers of cotton goods on 
one uniform schedule to be drawn up by an International 
Committee of specialists in the cotton industry appointed 
for that specific purpose. 

13. Those countries from which full statistics are not 
now received should be urged and encouraged to secure 
complete data. 

14. With regard to cotton consumption and cotton mill 
stock, the committee considers it advisable that these 
statistics be undertaken quarterly, viz., February ist, 
May 1st, August ist, and November 1st, of each year, and 
it recommends to the organizations which have in the past 
compiled these figures that they conform to this suggestion 
and continue their work until such time as their respective 
governments are prepared to assume these duties. 

15. Governments are also requested to collect and 
publish statistics on cotton seed and its products. 

16. Considering that estimates are at all times sub- 
ject to different interpretations, this committee recom- 
mends that government and other official tabulations 
dealing with exports, imports, manufacturers consumption, 
etc., of cotton and cotton goods should be confined to facts 
obtained from definite reports. 

17. This committee believes the introduction of a 



190 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



decimal system of weights and measures would s mplify 
calculations and increase the usefulness of statistics. 

1 8. This committee recognizes the imperative necessity 
for all countries where cotton is grown or used to estab- 
lish research institutions and urges that such institutions 
should work m close cooperation with each other especially 
in matters of fundamental research. 

19. This committee suggests that steps be taken to 
investigate in all sections of the cotton trade the most 
favorable hours of labor, rest pauses, fatigue and other 
conditions relative to efficiency and the preservation of 
the health of the workers. 

20. In view of the fact that it is upon the type and 
character of the cotton fibre that the results of all subse- 
quent treatments are dependent and in view also of the 
present impossibilities of referring the commercial vari- 
eties to any definite strains, it is considered that the 
researches of most urgent and fundamental importance 
should be directed towards obtaining strains of definite 
types in order to make possible the correlation of the 
ascertainable characteristics of a fibre with the particular 
strain — pure or mixed — of which it is a member. 

21. With the increased interest at present taken in 
research work in the cotton industry and in order to derive 
the practical benefit of the work carried on by institutions 
undertaking research, this committee recommends that 
the work of such institutions should be brought into close 
contact with the various branches of the industry by 
carrying out work so far as is practicable in the factory. 

22. The committee recommends cooperative research 
in methods of testing fibres, yarns and fabrics with the 
object of securing, so far as possible, standard international 
methods and urges a uniform system of expressing results. 

23. The committee wishes to point out the desirability 
of undertaking to establish an international regain for 
cotton and cotton goods. 

24. This committee suggests to the International Cot- 
ton Federation that, at its congresses, the subject of scien- 
tific research be given a place on the program, and that 
the Federation consider the advisability of extending 
invitations to cotton research associations and others 
interested in such work. 

25. It is recommended that the Chairman of the 
National Research Council and the Presidents of the 
National Association of Cotton Manufacturers, the Ameri- 
can Cotton Manufacturers Association, and the American 
Society for Testing Materials, join in appointing a com- 
mittee to arrange details for the early establishment of a 
cotton research association in the United States, and the 
details including outlines of work to be initially under- 
taken and a budget prepared for presentation to the various 
American organizations in the cotton trade which should 
join in an undertaking of such fundamental importance 
and self-interest. 

26. To the end that this committee report may bjs offi- 
cially brought to the attention of all governments, organi- 
zations and others concerned, the committee suggests 
that the Secretary of the World Cotton Conference trans- 
mit copies of this report in his official capacity. 



Report of the Committee on Growing of Cotton, 
Seed Selection, Methods of Cultivation and 
Picking 

Unanimously approved by each of the eleven classes 

After a careful survey of the factors influencing the 
growing of cotton, we are of the opinion that the present 
tendencies throughout the South are away from the pro- 



duction of larger crops of cotton, and that unless these 
tendencies are arrested and contrary influences set to 
work, the volume of American cotton may steadily decline. 

The United States does not enjoy a monopoly of cotton 
production, but with the exception of a small quantity 
of Egyptian long-staple cotton, the United States has at 
the present time a practical monopoly of the world supply 
of good-staple cotton of the quality most desired by 
spinners. There have been introduced in many communi- 
ties many varieties of cotton of short and inferior staple, 
and we regret to be compelled to report that, during the 
past fifteen years, the production of these varieties has 
steadily increased. 

There may be, and doubtless are, many contributing 
causes of this condition, but the prime reason is that in 
most local cotton markets throughout the South, cotton 
is bought from farmers on a general average of the 
production of the district, and not on the merit or value 
of the individual bale. It thus comes about that the pro- 
gressive enterprising farmer, who selects a good variety 
and produces cotton of excellent quality, receives no more 
for his product than his neighbor who grows an inferior 
variety. This constitutes a penalty on progress and enter- 
prise, which is rapidly undermining the American cotton 
industry. The truth of this statement is emphasized by 
the fact that in the limited number of local markets in 
which buyers discriminate in the purchase of cotton from 
farmers the producton of the varieties yielding a better 
character of lint has steadily increased. 

The ideal of cotton production is the growing of one 
variety of cotton of good merchantable character in each 
community. This condition would permit the constant 
improvement of the variety, and insure a product of uni- 
form and standard quality, but this ideal is impossible of 
attainment until the system of local marketing has been 
so improved that the growers of good cotton will receive 
the proper reward for their enterprise and progressiveness. 
We therefore call upon the state and federal agencies 
engaged in agricultural work to foster and encourage the 
establishment throughout the cotton belt of a marketing 
system which will insure the growers of cotton the full 
comparative value of each bale, grade and staple con- 
sidered, when offered in the local markets. 

There exists a distressing shortage of pure planting seed 
of the better varieties of cotton, and farmers are annually 
victimized by ignorant and unscrupulous persons, who sell 
gin run and oil mill seed as pure seed of the more popular 
varieties. It is impossible for farmers to protect them- 
selves against such unfair dealing in the absence of a care- 
fully regulated system of seed production and distribution. 
We regard it as a matter of the utmost importance that 
prompt action be taken in the several states to insure 
the production of ample supplies of pure cotton seed of 
approved varieties for planting purposes. 

We believe it to be the duty of the state and federal 
government, acting through local experiment stations and 
agricultural colleges, to propagate approved varieties of 
cotton, and provide a system of supervision and inspec- 
tion of seed growing, to the end that supplies of seed, 
certified as to quality and trueness to type, may be made 
available to farmers. 

The infestation of cotton fields with boll weevil, boll 
worms, leaf worms, red spiders and other insects, has pro- 
gressed to such a degree that to undertake to grow cotton 
without some form of insect control has become extremely 
hazardous. In our judgment, successful growing of cotton 
in the future will depend very largely upon the controlling 
of insect depredations and plant diseases. We therefore 
recommend that special efforts be made by state and 



OFFICIAL RFPORT OF THE WORLD COTTON CONFERENCE 191 



federal agencies ot agricultural betterment to disseminate 
among farmers more adequate knowledge of approved 
methods ot insect and plant disease control. We especially 
urge demonstration upon an extensive scale of the newly 
developed method ot boll-weevil control, by dusting with 
calcium arsenate, and the contmuation of research work tor 
other and better means of control. We call upon cotton 
farmers everywhere to cooperate with public agencies in 
the entorcement ot quarantines against the dissemination 
of insect pests and plant diseases, and to exercise the utmost 
diligence in the extermination of these enemies of cotton 
from their own farms through group cooperation. We 
recommend most heartily the United States Department 
of Agriculture and the State Department of Agriculture of 
Texas upon their efforts to eradicate the pink boll worm 
from cotton, and congratulate the entire cotton world 
upon the apparently successful work that has been done. 

1 he high price ot tarm labor has become a serious menace 
especially to large scale production of cotton. As yet 
there has not been perfected mechanical substitutes for 
hand labor in hoeing and picking cotton. Many attempts 
have been made, and many machines of varying degrees 
of serviceability have been brought forth, but none of 
them is satisfactory, and for the immediate future at least 
we must continue to reckon with hand labor in the pro- 
duction of cotton. If women and children should be 
eliminated from the cotton fields of the future, as should 
be done, the small grower, without hired help, could not 
plant, cultivate and pick more than five acres of cotton. 

The larger producers of cotton, who must rely upon 
employing large numbers of laborers at hoeing and pick- 
ing seasons, show a tendency to either turn to other crops, 
or to so diversify their crops, and so combine their 
farm enterprises, as to furnish steady employment for a 
definite number of laborers throughout the year, rather 
than to depend upon large numbers of casual laborers 
at the two critical labor periods in the life of the cotton 
crop. 

The wage scale in the cotton fields is far below the wage 
scale in other agricultural sections, and the standard of 
living of cotton producers, as well as the price of cotton in 
the open market, will never be adequate unless the price 
represents the cost of production, plus a reasonable profit 
to the producer. 

There is no one best system of cultivation of cotton for 
all regions of the cotton belt. Each district has its own 
cultural problems, and we therefore recommend that the 
various experiment stations in the South give more atten- 
tion to seed selection and methods of cultivation to the 
end that the yield of cotton per acre be materially 
increased. 

Resolutions Reported by Class 9, Spinners and 
Manufacturers — American 

Unanimously approved by each of the eleven classes 

Resolved, That it is the conviction of American spin- 
ners that the producer of cotton and the consumer of 
cotton have a common interest in supplying the largely 
increasing requirements of the world; that what works 
harm to the one is sure to bring ill to the other; that the 
prosperity of the South depends upon the general adoption 
of the agricultural methods best described as "safe farm- 
ing"; that the food and feed of the South should be pro- 
duced on the farms of the South, and that the farmer in 
growing cotton should make it his first concern to improve 
quality and increase production per acre, believing that 
price will be determined by fundamental economics. 

Resolved, That the spinners of America favor a policy 



which, with due regard for the increase in consumptive 
demand that keeps pace with growth in population, will 
from year to year assure adequate production of requisite 
quality. 

Resolutions Reported by the Committee on Ex- 
changes, Classification, Contracts, Specula- 
tion 

Unanimously approved by each of the eleven classes 

Resolved, That this Conference recommend that all 
possible eflPort be made to procure the adoption and use 
throughout the world of a uniform system of classifi- 
cation of American cotton, based upon uniform standards 
for grade. 

Resolved, That it is the sense of this Conference that 
the contract as now dealt in, under the provisions of the 
United States Cotton Futures Act, as amended March 4, 
1919, is not sufficiently comprehensive to protect the farmer 
in the financing and sale of grades and character of cotton 
which he grows, and should be amended. 

Resolved, That this Conference recommends a uni- 
form time for positing quotations in all American spot 
markets, namely: 2:30 P. M. Eastern time; 1:30 Central 
time. 

Resolutions Reported by the Committee on 
Transportation and Insurance 

Unanimously approved by each of the eleven classes 

Resolved, That this Conference heartily commends 
the Railroad Administration for resuming the practice 
of issuing at interior points through bills of lading to 
foreign destinations. Such practice is intelligent, effi- 
cient, injures no one and promotes the marketing of cotton. 

Be it Resolved, That in the interest of transportation 
economy and increased transportation facilities, this Con- 
ference heartily approves the establishment of transpor- 
tation upon the great inland waterways of the United 
States through the aid of the Federal government and. 
respectfully urges earnest and increasing support by the 
Federal authorities for the purpose of aiding in handling 
the great cotton and other raw material crops of America. 

Whereas, It was reported to the Committee on Trans- 
portation and Insurance by a meeting of the class repre- 
senting transportation and insurance, and by several 
members of the Committee itself, that the main difficulties 
in connection with the transportation and insurance of 
cotton arise from the unsatisfactory condition in which 
many of the bales are handed in for transport, and, 

Whereas, It was also made clear to the Committee 
that much damage was inflicted upon the cotton in conse- 
quence of faulty packing, and in consequence of frequent 
or prolonged exposure, to the weather, either before or 
during transit, and, 

Whereas, These statements are fully confirmed by 
experiments conducted by the United States Department 
of Agriculture, proving that exposure of the bales to the 
weather may entail great loss upon the owner of the 
cotton, and, 

Whereas, It appears to the committee to be eco- 
nomically certain that all loss of this description ulti- 
mately falls upon the grower of cotton, and. 

Whereas, The Committee recognizes that it is the 
strong desire of every interest represented at the Con- 
ference — growers, ginners, merchants, carriers, bankers, 
underwriters, spinners, manufacturers and all others con- 



192 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



nected with the great cotton industry — that the serious 
losses incurred by country damage and damage during 
transit should be reduced to a minimum, the Committee 
unanimously adopts the following resolution: 

Resolved, That it is the duty of the Federal Govern- 
ment to take such steps as will lead to the eradication of 
the terrible waste in the handling of cotton by the present 
methods and that the permanent organization created at 
this conference be requested to take the matter up vigor- 
ously with the proper authorities. 

Resolutions Reported by the Committee on Ware- 
housing AND Country Damage 

Unanimously approved by each of the eleven classes 

American cotton is more wastefully handled than any 
other non-perishable product in the world. From the field 
to the loom, the preventable waste — including expenses 
and tolls due to bad processes and uneconomic methods — 
amounts to from ten to twenty dollars a bale. This aggre- 
gates the alarming total of from one hundred to three 
hundred million dollars a year. 

The warehousing of cotton, both South and North, 
needs reorganization and standardization. It should be 
placed upon a broad national footing, so that a receipt 
for cotton stored in any warehouse will be as sound col- 
lateral in Minnesota or Maine as in the locality where the 
particular warehouse containing the cotton is situated. 

Cotton being a commodity of international importance, 
arrangements should be made with British and other 
European banks, insurance companies and manufac- 
turers, to the end that the foreign buyer of, or lenders 
upon, the staple may store their cotton in the warehouses 
of the United States while awaiting shipment abroad and 
enjoy the same protection and privilege as if such cotton 
were stored in their own local communities. 

Your Committee, therefore, recommends the passage by 
the Conference of the following resolutions: 

Resolved, That the Conference insists upon the 
importance of erecting warehouses at all gins or other 
points where baled cotton is held either for short or long 
periods. No bale of cotton should ever be left exposed 
to either wind, sun or rain. 

Resolved, Further, That the Conference recognizes 
the paramount necessity for warehouses, and pledges its 
support and influence to those individuals, associations 
or communities who undertake to establish at proper 
trade and transportation strategic points warehouses that 
will furnish: 

1. Proper physical protection to the bales. 

2. Low fire insurance rates. 

3. Receipts showing weights and grades of the- bales 
covered by them. 

4. Financial strength and methods and scope of opera- 
tion that will make these receipts acceptable in all world 
markets, either to the purchasing buyer or to the lending 
banker. 

Resolutions Reported by Class ii, Textile 
Merchants, Converters and Finishers 

Unanimously approved by each of the deven classes 

The dyeing, bleaching and printing industries, also the 
converting trade, are sustaining serious losses on account 
of the improper covering of cotton piece goods in the bale 
at the grey mill with the result that many goods are 



damaged to such an extent that it is impossible to produce 
merchantable merchandise. This matter is so important 
that it demands the serious consideration of the Con- 
ference, therefore. 

Be it Resolved, That it be the sense of this Confer- 
ence, that all bales of cotton and silk piece goods be 
completely covered and properly protected with burlap 
and other suitable wrapping, and strapped so that there 
shall be no danger of rust stain. 



Resolutions Reported by the Committee on Financ- 
ing, Foreign Credits and Exports 

Unanimously approved by each of the eleven classes 

Whereas, A great and unprecedented emergency now 
exists in the world, requiring prompt assistance to the 
countries of Europe in order to restore as quickly as pos- 
sible the operation of their industries and a return to 
normal economic conditions; and, 

Whereas, A broad public policy demands an increase 
in world-wide production with the least possible delay, 
to the end that the existing high level of prices may be 
reduced; and. 

Whereas, Certain essential industries in Europe that 
should be producing are not now able to do so owing to 
their inability to secure the necessary materials on suffi- 
cient long time credits to permit them to resume business 
operation and production; and, 

Whereas, The materials required involve credits of 
such character that the usual channels of credit extension 
are unable to meet them, requiring the assistance of some 
governmental agency capable of safely extending, allo- 
cating and controlling such credits and cooperation with 
other governments, creating a form of investment security 
appealing to the general public; and. 

Whereas, Appreciating this situation, our Government 
has authorized an extension of One Billion Dollars of 
credit to finance our exports through the agency of the 
War Finance Corporation; and. 

Whereas, This situation requires unity of effort and 
cooperation between other governments and our Govern- 
ment, and involves credits of longer term than American 
commercial banking machinery is justified to assume, 

Therefore, be it Resolved, That we recommend 
such enabling legislation be enacted by Congress as will 
permit the War Finance Corporation to purchase directly 
self-liquidating secured approved obligations of foreign 
manufacturers, corporations, firms or merchants, endorsed 
by foreign commercial banks, or bankers, and guaranteed 
by the governmental bank and approved by the recognized 
governments of the respective countries, to be used by 
such manufacturers, corporations, firms or merchants for 
the purchase in the United States of essential materials 
necessary for the resumption of business operations and 
productions in those countries in a return to political, 
social and economic stability; and for the production of 
such merchandise as may be exported, and to provide 
exchange for further purchases 

Be it Further Resolved, That it is the sense of this 
Conference that if the aid of the Government of the 
United States can be extended in the manner above indi- 
cated, to provide for this emergency financing for which 
no other agency now exists than the War Finance Cor- 
poration, that the existing Banking and Credit machinery 
of the United States will be adequate to provide for the 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 193 



general financing incidental to normal international hank- 
ing operations. 

Be it Finally Resolved, That it is our opinion that 
with the governmental cooperation as above outlined, at 
least one million bales ot cotton, together with large quan- 
tities of other essential products, should be made imme- 
diately available for those European industries which are 
now unable to operate. 

The foreign delegates who are members of this Com- 
mittee feel that it would be outside of their province to 
vote upon the resolutions passed and submitted to them 
by their American colleagues, more particularly because 
those resolutions are in effect an appeal to the Congress of 
the United States. At the same time, the foreign dele- 
gates desire to place on record their warm appreciation of 
the high spirit which has animated their American col- 
leagues in drawing up the resolutions, and their sincere 
approval of the manifest desire shown by their American 
colleagues to afford substantial assistance to impoverished 
countries of Europe. 

They are further of the opinion that the measures con- 
templated in the resolutions appear well calculated to 
accomplish this purpose. 

Adopted by Foreign Delegate Members 

The Committee have considered the question of stabili- 
zation of exchange, and it is our opinion that if the terms 
of the resolutions are carried into effect, it will go far in 
that direction, and they have no other recommendations 
to make. 

Adopted by all Members of the Committee 



Report of the Committee on World Requirements 
AND Stabilizing Production and Prices 

Approved by Classes i, 2, 3, 4, 5, 6, 7 and 8, and rejected 
by Classes 9, 10 and 11 

Later, under suspension of the Rules, Paragraphs i, 5, 6, 7 
and 8 were unanimously approved, and became the 
official aciiofi of the Conference 

1. That the interest of increased cotton production 
would be best served by a system of sound agriculture, 
which would maintain and improve the fertility of the 
soil and the standard of living of the producer. 

2. That steps should be taken by both the national and 
state governments of this country to collect data with a 
view to ascertaining annually the cost of production of 
cotton in America, including a fair and adequate wage for 
all the labor employed in the field, and that the infor- 
mation thus obtained should be given the widest publicity. 

3. That steps should be taken by the National Govern- 
ment of this country to collect data with a view to ascer- 
taining the cost of manufacturing American cotton where- 
ever it is manufactured, and that the information thus 
obtained should be given the same publicity as in the 
case of the cost of production of cotton. 

4. That steps should also be taken by both national 
and state governments to collect data regarding the costs 
of buying, handling, compressing, storing and transpor- 
tation of cotton, involving each cost from the producer 
to the manufacturer, and that such information be given 
the same publicity as in the other cases. 

5. That It is essential that every step should be taken 
to accelerate the improvement of the financial condition 
and the financial facilities available to the cotton grower, 
both small and large, in order to prevent the undue pres- 



sure to sell cotton during the early months of the market- 
ing season. 

6. That the valuable work of the Federal Bureau of 
Markets and of the State Governments in providing infor- 
mation as to grade, staple and price of cotton, should 
be extended so that every grower may have access to 
such information before the sale of his crop. 

7. That cooperative organization of the cotton producers 
for collective production, financing and marketing of their 
crops be encouraged by the Government and the industry. 

8. That encouragement be given by the Government 
and by the industry to the construction and operation of 
sufficient warehouse accommodations to protect the cotton 
crop from damage by weather and fire. 



Resolutions Reported by the Committee on Trans- 
portation AND Insurance 

Approved by Classes i, 2, 3, 6, 7, 8, 9, 10 and il, and 
rejected by Classes 4 and 5 thus failing to become the 
official action of the Conference 

Whereas, Cotton in the present so-called standard bale 
of density 22^ pounds to the cubic foot, often arrives at 
destination in a ragged and dirty condition, causing much 
trouble and expense to the spinner, therefore, 

Be it Resolved, That the United States Railroad 
Administration be requested to formulate such rules and 
regulations for the acceptance of shipments of cotton as 
will cause the compressed density of a bale to be not less 
than 32 pounds per cubic foot, and of standard dimensions, 
the same to become effective August i, 1920. 

Resolved, That the United States Railroad Adminis- 
tration be requested to establish such differential between 
rates on cotton compressed to a density of 32 pounds and 
that compressed to a density of 22 pounds or less as will 
encourage the shipment of the higher density bales. 

Resolved, That the United States Railroad Adminis- 
tration be requested, by rules and regulations, to prohibit 
the re-marking of bales en route. 



Report of the Committee on Ginning, Uniform 
Baling and Compressing 

Approved by Classes I, 2, 3, 6, 7, 8, 9, 10 and 11, and rejected 
by Classes 4 and 5, thus failing to become the official 
action of the Conference 

It is imperative that economic reforms and efficient 
methods be applied to the ginning, baling, warehousing, 
handling, marketing and transporting of the American 
cotton crop. The present system of baling is uneco- 
nomical, wasteful and primitive. The growers and 
spinners of American cotton believe that true economy and 
efficiency can only be secured through gin compression, 
already satisfactorily applied to the baling of raw cotton 
in other countries. This committee, therefore, recom- 
mends the adoption by the World Cotton Conference of 
the following resolutions: 

Resolved, That high density compression be adopted 
and installed by ginners throughout the cotton belt of the 
United States. 

Resolved, That all bales of square or rectangular type 
be of uniform size and dimensions, covered with tight, 
closely woven burlap or cotton Osnaburgs and iron bands; 
of uniform tare, not to exceed 12 pounds, compressed to a 



194 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



density of 32 pounds to the cubic foot, with an average 
gross weight of 500 pounds per bale. 

Resolved, That high density round or cylindrical bales 
be of uniform size, covered with closely woven burlap or 
Osnaburgs, weighing zh pounds per bale, compressed to a 
density of 32 pounds to the cubic foot, with an average 
weight of 250 pounds per bale. 

Resolved, That all seed cotton be delivered to the 
ginneries in dry condition and as nearly as possible to 
uniform grade and staple. 

Resolved, That seed cotton be stored on the farm 
from ten to thirty days before ginning, and that the prac- 
tice of hauling seed cotton directly from the field to the 
ginnery be discouraged in order that lint may be free from 
the disadvantages of gin-cut staple and excessive moisture, 
which cause undergrading and losses to the grower and 
unnecessary waste to the spinner. 



Statement Adopted by Class i — Growers 

Approved by Classes i, 2, 3, 6, 8 and 9, and rejected by 
Classes 4, 5, 7, 10 a7id 11. 

Later, under suspension of the rules, Paragraphs 2, 3, 4, 5, 
6, 8, 9, II, 12 and 14 were unanimously approved by all 
classes, and became the official action oj the Conference 

1. We favor gin compression. 

2. We urge diversification of crops. 

3. We recognize that country damage is an economic 
loss and that the same is inexcusable and should be 
avoided. 

4. We urge upon the farmers the building of adequate 
warehouses starting at the gins and extending to the cotton 
centers, and that transportation companies be required 
to furnish adequate warehouse facilities for cotton waiting 
shipment. 

5. We urge upon the farmers a twelve months' market- 
ing system for cotton, instead of the present plan. 

6. We unqualifiedly indorse the formation of the 
American Export Financing Corporation. 

7. We condemn the practice of growers of selling cotton 
on call. 

8. We recommend that each bale of cotton ginned shall 
be tagged so as to show name and residence of grower. 

9. Tare shall consist only of the actual weight of the 
bagging and ties on the bale. 

10. We condemn gambling in cotton and other neces- 
sities of life and the same should be prohibited by law. 

11. We oppose price fixing on agricultural products by 
the Government. 

12. We oppose all Government embargoes and restric- 
tions upon commerce as applied to cotton in times of 
peace. 

13. We favor closer cooperation and more direct dealing 
with the spinner. 

14. We demand such price for cotton as will cover the 
cost of production plus a reasonable profit. 

Class 7 — Bankers. — In turning in their vote on the 
foregoing statement, filed the following memorandum, 
setting forth their reasons for objecting to Article 10: 

In rejecting this resolution, the bankers desire to state 
that they do so on the ground that the word "gambling" 



required definition. As it stands, it might be held to 
include all dealings in "futures." The bankers, however, 
are of the opinion that the use of futures as hedges is so 
important to all concerned in the cotton industry that they 
cannot vote for a resolution which might be interpreted as 
condemnation of the use of futures in that connection. 



Resolution Reported by the General Committee 

Approved by Classes i, 2, 3, 6, 8, 9, 10 and 11, and rejected 
by Classes 4 and 5, thus failing to become the official 
action of the Conference 

Resolved, That we recommend that all cotton be 
bought on a net weight basis, actual weight of tare to be 
deducted. 



Statement Adopted by Class i. — Growers 

Approved by Classes I, 2, 3, 4, 5, 6, 7, 8, 9 and 10, and 
rejected by Class 11, thus failing to become the official 
action of the Conference 

As an important item in the world's food supply, the 
World Cotton Conference directs special attention to the 
importance of cotton seed products, especially cotton seed 
oil. The Conference urges all proper Governmental agen- 
cies and educational institutions to apply the same scien- 
tific energy in searching out the best methods of extracting 
and refining cotton seed oil, and the various food combina- 
tions into which it may advantageously enter, and dis- 
seminating such knowledge among the people, as is being 
so wisely done with respect to many other food elements. 

The Conference further urges the removal of all revenues, 
burdens and restrictions upon the production and distribu- 
tion of foods in which cotton seed oil is, or may be properly 
used, to the end that the markets for such oil may be 
enlarged, and the supply of cheap, palatable and whole- 
some foods increased. Cotton growers are fairly entitled 
to such unincumbered markets, and consumers are entitled 
to such food. 



Statement Adopted by Class i. 



Growers 



Approved by Classes i, 2, 3, 4, 5, 6, 8, 9, 10 and 11, and 
rejected by Class 7, thus failing to become the official 
. action of the Conference 

Resolved, By the Producers' Group of the World 
Cotton Conference that we recommend to the National 
Congress that the Federal Reserve Act and other laws 
pertaining to banks be so changed as to permit any mem- 
ber bank of the Federal Reserve System to rediscount with 
the Federal Reserve Bank notes secured by warehouse 
receipts on cotton or other staple agricultural commodi- 
ties stored in bonded warehouses, complying with the 
United States Warehouse Act of August, 1915. The 
Federal Reserve Board to be authorized from time to time 
to fix the per cent of loan and other requirements in 
connection with the same. 

Loans so secured shall not be considered in estimating 
the rediscount privilege to which such member bank is 
entitled. 

Resolution Submitted by the General Committee 

Unanimously adopted by all classes 

Resolved, The delegates to the World Cotton Confer- 
ence, in meeting assembled, wish to express to the Local 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 195 



Committee of the citizens of New Orleans their heartfelt 
thanks for the reception and entertainment accorded them 
and their keen appreciation of the successful efforts ot this 
Committee, which have contributed in so marked a 
degree to the success of the World Cotton Conference. 
They also wish to gratefully acknowledge the greetings of 
both state and city, whose citizens have cooperated so 
heartily in this great undertaking. It is, therefore, directed 
that this resolution be inscribed in the minutes of the 



Conference, and copies sent to the Chairman of the Local 
Committee of the City of New Orleans, to the Governor 
of the State oi Louisiana, and to the Mayor of the City 
of New Orleans. 



Report of the Committee on Permanent 
Organization 

Unanimously approved by each of the eleven classes 



CONSTITUTION OF THE WORLD COTTON CONFERENCE 



Article I 

Section i. Name: The name of this organization shall 
be the World Cotton Conference. 

Section 2. Object: The object shall be the promotion 
of the interests of all those engaged in the production, 
handling and manufacture of cotton and its products. 

Article II 
Section i. Classes of Members: The members shall 
be classified, according to their interests, into the following 
groups: 

1. Growers. 

2. Ginners. 

3. Seed Crushers and Manufacturers of Seed Products. 

4. Compress and Warehousemen. 

5. Cotton Merchants. 

6. Transportation and Insurance. 

7. Banking. 

8. Spinners and Manufacturers. 

9. Textile Merchants, Converters and Finishers. 
These groups may be reclassified by the Executive 

Committee and the number of groups increased or dimin- 
ished. 

Section 2. Members: Only organizations representing 
those engaged in any class of business included in any of the 
aforesaid groups may become a voting member of this 
Conference, by and with the approval of the Executive 
Committee. Such organization when it becomes a voting 
member shall be placed in the group or groups which 
include the interests which such members represent. 

Article III 

Sectioji I. Meetings: The next conference shall be 
held in 1921, at a time to be fixed by the Executive Com- 
mittee, and preferably shall be held in England. Meet- 
ings shall, if possible, not be held twice in succession in any 
country, the object being to meet in as many countries 
as is practicable. Special meetings may be held as called 
by the Executive Committee. The time of all meetings 
and the place of the special meetings shall be determined 
by the Executive Committee, and notice of such meetings 
given by the General Secretary to all members. 

Section 2. All member organizations are entitled to send 
representatives to the meetings of the Conference. In 
addition, delegates to such meetings may be appointed by 
Governments, commercial bodies and other authorities and 
organizations interested in the purposes of the Conference, 
when requested to do so by the Executive Committee. 

Section 3. Voting: Upon all questions, except resolu- 
tions involving the policy of this organization, each mem- 
ber represented shall have one vote, and a majority of the 
votes cast shall decide such question. 

The voting on resolutions involving the policy of the 



Conference shall be by groups of members only. The 
chairman of each group shall cast the vote of such group, 
each group having one vote. No resolution shall be con- 
sidered the official action of the Conference unless it 
receives the vote of each group of members. 

A majority of those voting in each group shall deter- 
mine the vote its chairman shall cast on any resolution. 
In casting the vote of any group on any resolution, the 
chairman of that group shall state the proportion of the 
members of such group voting for and against the reso- 
lution. 

Section 4. Meetings of the members of any group, as 
classified in Article II, Section i, shall be held at each 
meeting and may be held at any other time and place on 
the call of the chairman of such group. 

Article IV 

Section i. Officers: At each meeting, the Executive 
Committee of the Conference shall elect a President, one 
or more Vice-Presidents for each country having a mem- 
ber of the Conference, a General Secretary, a Treasurer or 
Treasurers, and such other officers as the Committee may 
think wise. The President shall be a resident of the 
country selected for the place of holding the next meeting. 

The term of office of all officers shall begin at the con- 
clusion of the Conference at which they are elected, and 
shall continue until their successors are elected. 

Vacancies in office may be filled by the Executive Com- 
mittee, and officers so elected shall hold office until their 
successors are elected by the succeeding Conference. 

The Executive Committee shall determine whether any 
officer shall receive a salary and fix the amount thereof. 

At each Conference each group of members shall elect a 
Chairman, a Vice-Chairman and a Secretary for such 
group, who shall act for the same term as is provided for 
officers. 

Section 2. The President shall be the Executive Officer, 
of the organization, shall preside at all meetings, shall be 
ex-officio a member of all committees and shall perform 
the duties usually incident to such office, together with 
any other fixed by the Executive Committee. He shall 
make a report at each Conference. 

Section 3. Each Vice-President shall at all times pro- 
mote the interests of this Conference in the country which 
he represents and perform such other duties as may be 
given him by the Executive Committee. 

Section 4. The General Secretary shall keep the roll of 
the members; keep minutes of all meetings; file and pre- 
serve all records and papers of the Conference; and 
perform such other duties as are imposed on him by this 
constitution, or by the Executive Committee. 

The Treasurers shall collect and receive all funds of the 
Conference and pay them out on orders of the President 
or Executive Committee. 



196 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



Article V 

Section I. Executive Committee: There shall be an 
Executive Committee named at each Conference, to be 
composed of the President, the General Secretary and the 
Treasurers when chosen, and one member selected from 
and by each group of the Conference. The Executive 
Committee shall elect its own Chairman, shall have gen- 
eral supervision over the work of the Conference between 
the meetings and shall make all arrangements for all 
meetings of the Conference. It shall also collect informa- 
tion, make investigations and furnish the members facts 
and suggestions which the Committee judges would be 
helpful. 

The Executive Committee may appoint committees 
and secure assistance in the promotion of the interests of 
this association and its members as it may find necessary. 
Section 2. Committees: At each Conference the Presi- 
dent shall appoint, in addition to other committees, the 
following standing committees: 

{a) Committee on World Requirements and Stabiliza- 
tion Production and Prices. 
ib) Committee on Growing Cotton, Seed Selection, 

Methods of Cultivation and Picking. 
(c) Committee on Ginning, Uniform Baling and Com- 
pressing. 
{d) Committee on -Warehousing and Country Damage. 
{e) Committee on Transportation and Insurance. 
(/) Committee on Buying and Selling, Equitable Tare 

and Net Weight. 
(g) Committee on Exchanges, Classification Contracts 

and Purchases. 
{h) Committee on Financing, Foreign Credit and Ex- 
ports. 
{i) Committee on Research, Reports and Statistics — 

International and Domestic. 
(y) Committee on Rules and Nominations. 
Each committee shall hold hearings, make investiga- 
tions and report to the Conference, or to the Executive 
Committee when the Conference is not in session, with its 
recommendations; and shall promote the interests in con- 
nection with which such committee is appointed. 



Article VI 

The funds necessary to defray the expenses of the Con- 
ference and its committees shall be raised by the Executive 
Committee through membership fees, contributions or 
such other sources as the Committee may decide. 

This Committee shall have authority to fix the amount 
of membership fees which each member organization shall 
pay; and the amounts fixed for the various members may 
vary. 

Article VII 
miscellaneous 

Section i. This Constitution may be amended by 
unanimous vote of the groups participating in any regular 
meeting of the Conference. Amendments must be sub- 
mitted in writing, and voting thereon shall be by the chair- 
men of groups, as provided in Article III, Section 3, the 
affirmative votes of the chairmen of three-fourths of all 
groups who are members of the Conference bemg neces- 
sary to the adoption of an amendment. Sixty days' 
notice of any proposed amendment must be given. 

Section 2. All committees may decide upon any action 
by correspondence; and any member of a committee 
may designate a proxy to represent him at any meeting 
of such committee. 



OFFICERS OF THE CONFERENCE 

Upon motion by John E. Rousmaniere, duly seconded, 
the following were elected oflficers of the Permanent 
Organization, to serve until the conclusion of the next 
conference: 

President: Sir A. Herbert Dixon, England 

General Secretary: RuFUS R. Wilson, America 

Assistant Secretary: Frank Nasmith, England 

Joint Treasurers: 

Sir James Hope Simpson, England 

W. Irving Bullard, America 

Vice Presidents: 
America: Fuller E. Callaway 

Russell B. Lowe 
England: Edward B. Orme 

John Smethurst 
France: Etienne Dennis 

Switzerland: Hermann Buhler 
Belgium: Count Jean de Hemptinne 
Italy: Giorgio Mylius 

Mr. Wilson: I am requested to read the following: 

"We, the undersigned, being owners of High Density 
Gin Compresses and the authorized representatives of 
owners of such Gin Compresses or, being interested in the 
Gin Compress Industry and Buyers and Sellers of Gin 
Compressed Bales, do form ourselves into an organiza- 
tion to be known as the National Ginners Compress 
Association. 

"The purpose of this organization is to foster and 
encourage the compression of cotton at the gin to its 
final density and to extend the installation and use of 
Gin Compresses throughout all the cotton-growing states. 

"We respectfully ask that this Association may become 
an integral part of the compressors' group in the perma- 
nent organization of the World Cotton Conference. 

"Signed by General S. T. Carnes of Memphis, Mr. 
Paul Jones of New York, and others." 

Mr. Wilson: A friend of mine told me not long ago of 
being in company in Mississippi with a certain local legal 
light who made the remark to him confidentially: "There 
are people who say that I am the best lawyer in the 
country." My friend asked him: "Is it true.^"' And he 
says: "I don't have to commit myself." For that reason, 
I pass the next resolution on to the Chairman of the 
Conference: 

The Chairman: Resolution offered by Mr. James D. 
Hammett, President of the American Cotton Manufac- 
turers' Association: 

"The Members of the World Cotton Conference feel 
that the deep appreciation of each industry and each 
individual represented should be expressed to Chairman 
MacColl and Secretary Wilson, for the eflficient manner 
in which they have organized and conducted the Confer- 
ence, and we wish to go on record as tendering to these 
gentlemen the sincere thanks of the Conference for the 
services which they have rendered." 

The Chairman: You have heard the resolution; all in 
favor of the resolution will signify by saying "aye." 

{There being no votes in the negative, the resolution was 
declared by the Chairman to have been adopted.) 

Sir Frank Warner: I rise to ask the privilege of pro- 
posing a very hearty vote of thanks to our Chairman. I 
came here as a representative of the Board of Trade, which 
as you all know, is a department of the British Govern- 
ment dealing with industry and manufactures. I there- 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 197 



fore had what we term on the other side a "cushy" job, 
but while I have been sittni" here on these back benches, 
1 have been proloundly struck by the admirable conduct 
of our Chairman, by his untiring energy, unhmited tact 
and sound judgment, and I will ask one ot you gentlemen, 
a'though I know the vote will be unanimously passed, to 
second my proposal. 

{The motion was duly stxondcd and iinaninwusly carried 
by a standing vote.) 

The Chairman: The meeting is now open for general 
discussion. It may be that some of the members have 
somethmg to say which they have not yet had an oppoi- 
tunity to say. Inasmuch as the hour is late, I think that 
these speeches should be very limited; but the Confer- 
ence, I am sure, would be glad to have any message or any 
comment upon the importance and value of the meeting 
that any member may see fit to make. 

John E. Casey (Arkansas): Inasmuch as Arkansas is 
one of the principal cotton states of the South, and inas- 
much as the Commissioner of Agriculture of that great 
state, on account of press of official business, could not be 
here, he wishes to extend the greetings of the Agricultural 
Commission of that state to the members of the Confer- 
ence, and say that he, as Commissioner of that state, is in 
hearty accord with any movement that will improve con- 
ditions in the South among the cotton growers of this 
great land. 

Mr. Calvin: I would call attenton to the large attend- 
ance of cotton producers of the South. The cotton pro- 
ducers throughout the entire South have responded 
liberally and I believe you will all concede that our dele- 
gation has compared favorably with other delegations 
both in numbers and in brains. We are proud, Mr. Chair- 
man, that we can assemble so large a number of growers 
in a W'Orld conference of this kind, and we feel that we have 
gotten a great deal of good out of it. 

. Mr. Chairman, most of us here, a few years ago, were 
allies at war. May we not be allies in peace as well.'' 

The Chairman: I am sure the Conference would be 
glad to have a word from Sir A. Sherry Benn. 

Sir a. Sherry Benn: Mr. Chairman and Gentlemen: 
When Colonel Thompson offered us a hearty welcome to 
New Orleans, he stated that those who are strangers would 
feel themselves at home. Some of us are not strangers 
to New Orleans. I have had the pleasure of knowing 
New Orleans for the past forty years. I have seen New 
Orleans in calm weather, in hot weather, in stormy 
w'eather. I have seen her fighting and overcoming epi- 
demics, I have seen her fighting and controlling the ele- 
ments. Today, we see her the great seaport of the 
Southern States, with her vast railroad facilities, her 
docks and her warehouses. 

It is interesting to realize that two hundred and forty- 
three years ago, before New Orleans was founded, a great 
explorer, when Frontenac was Governor General of Canada, 
urged that he should be allowed to come down to the 
Southern States and found a city at the mouth of the 
Mississippi. He said to Count de Frontenac: "I can 
affirm that the Mississippi draws her source from some- 
where in the vicinity of the celestial country, and France 
will be mistress of the territory between the St. Lawrence 
and the Mississippi, and will control the trade of China by 
the great new channel that I intend to open to the Gulf." 

Gentlemen, New Orleans has a great future before her. 
New Orleans has always welcomed not only Britishers, 
but the foreigners and others who have come here, and 
they never leave without having a feeling of affection for 



the people ot the South — a feehng that neither distance 
can remove nor time efface. 

This Conference, gentlemen, has undoubtedly been use- 
ful. There is nothing that stands more to bring men 
together than meeting each other, and if we can only 
realize that common sense and comradeship will enable 
us to face the vicissitudes through which we all have to go 
during the next few years, it ought to be extremely useful 
to us. 

On behalf of my British friends, I wish to thank you, 
Colonel Thompson, and New Orleans, for the cordial 
welcome which you have accorded us. 

Mr. Hoyrod: Mr. Chairman and Gentlemen: As a 
representative of a foreign country, I beg to thank you 
most heartily for all the hospitality shown us both by the 
growers and merchants and the Cotton Exchange. I 
thank the spinners and manufacturers of America for all 
the attentions shown us. If Sir Herbert Dixon had been 
here — I am sorry it is on account of his not being very 
well that he is absent — he would surely have expressed 
also his hearty thanks. As I am on the committee of the 
same federation, I do it in his name. 

Mr. Duncan: I move that this World Conference do 
now adjourn. 

The Chairman: One moment before you adjourn. 
Before the session is closed, gentlemen of the Conference', 
I do desire to congratulate you upon the good work, 
upon the great work, that you have done. For the great 
honor that you have conferred upon me, I am deeply 
grateful, and for the kindness and consideration which 
you have shown me, I thank you from the bottom of my 
heart. 

The motion is that the Conference do now adjourn. 
All in favor will signify by the usual sign. 

{Whereupon, the World Cotton Conference adjourned.) 



APPENDIX A 

MEETINGS BETWEEN THE SPINNERS AND 
GROWERS 

During the progress of the Conference, several meet- 
ings were held between twenty representative American 
and foreign spinners and twenty representative American 
cotton growers. Mr. W. Frank Shove headed the Amer- 
ican spinners, Mr. Harold ClifF the foreign spinners, and 
Mr. Dwight B. Heard the growers. Mr. Heard served 
as chairman, and Mr. John A. Todd as secretary of the 
several meetings, all of which were marked by a frank 
interchange of views between spinners and growers, 
designed to bring about better understanding and in- 
creased cooperation between these two great branches 
of the cotton industry. 

Among those who participated in the discussion were 
Governor Bickett of North Carolina, A. H. Stone of 
Mississippi, J. D. Hammett and R. M. Mixson of South 
Carolina, Albert F. Bemis and Russell B. Lowe of Massa- 
chusetts, E. C. Lasater and Fred H. Roberts of Texas, 
E. T. Lee of Louisiana, E. F. Orme of England, and Giorgio 
Mylius of Italy. 

T. J. Shackleford of Georgia urged the great desirability 
of spinners and growers meeting more frequently, learn- 
ing to trust each other, and developing more direct trade 
relations. He advocated direct trading between the 
American grower and the European spinner and the 
creation of an American export finance corporation, and 



198 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



declared that the South to maintain its prosperity should 
raise on the farm sufficient products for the maintenance 
of the farmer and his family, using the cotton produced 
as a cash crop — growing every pound possible, and 
maintaining high standards of efficiency. 

J. S. Wannamaker of South Carolina made an earnest 
plea for recognition on the part of the spinner of the 
problems affecting the producer and the need of a price 
which would maintain the latter in proper standards of 
American living, and eliminate much of the work of women 
and children in the field. He also urged the need of more 
direct transactions between the grower and the spinner. 

Following these discussions, the grower group partici- 
pating in the Conference met and adopted the following 
report: 

More than three hundred growers attended the Con- 
ference, coming from fourteen cotton states, including 
Arizona, California and Missouri. They held meetings 
each day and took an active part in all the work of the 
Conference. The one central idea developed at these 
meetings was "Never again to sell cotton below the cost 
of production." 

We came with timidity and of little faith. We left 
with fears and doubts removed. We are inspired with 
our own strength as revealed to us in this Conference. 
We are encouraged by the spirit of fairness shown us by the 
other groups. We feel that we have been lifted up and 
our cause advanced. 

More than two-thirds of our program was unanimously 
passed by the other groups. The constitution of the 
permanent organization was so framed as to absolutely 
safeguard the cotton grower of America in the future 
deliberations of the organization. We unhesitatingly 
and enthusiastically urge every cotton farmer to see that 
his community is organized and becomes a member of 
the World Cotton Conference. The following officers 
of the Growers Group were elected to serve the next two 
years. 

John A. Simpson 
President Oklahoma Farmers' Union, JVeatherjord, Okla- 
homa, Chairman. 

J. S. Wannamaker 
President American Cotton Association, St. Matthews, S. C, 
Vice-Chairman. 

H. A. Morgan 

Secretary Association State Farmers' Union Presidents, 
Calves, La., Secretary. 

E. C. Lasater 

Falfurrias, Texas, Member of Executive Committee. , 

E. A. Calvin 

Washington Representative of Cotton States Marketing 
Board, Washington, D. C, Director Confere?ice Arrange- 
ments for Growers. 

Our slogan is "Two Hundred American Growers at 
the Manchester Conference in 192 1." 

John A. Simpson, Chairman 
H. A. Morgan, Secretary 



APPENDIX B 

RESEARCH A NECESSITY TO THE COTTON 
INDUSTRY 

By H. E. Howe 

National Research Council, and Secretary of the Committee on 
Research, Reports and Statistics of the World Cottoti 
Conference 

Throughout the world industry seems to have at last 
realized that continued progress can only be made with 
the help ot science and that much of the work can be done 
in cooperation by groups of industries or those concerned 
with the same materials. The cotton industry is no 
exception and in Great Britain the British Cotton Industry 
Research Association has been incorporated and is prepar- 
ing for active work. The problem is more than national — • 
it is international in its scope — and at the World Cotton 
Conference one of the resolutions emphasized by the Com- 
mittee on Research, Reports and Statistics reads: 

"This Committee recognizes the imperative necessity 
for all countries where cotton is grown or used to estab- 
lish research institutions and urges that such institutions 
should work in close cooperation with each other especially 
in matter of fundamental research." 

Research is not merely the collection of all the data 
which has appeared regarding same subject. Pure research 
results in the creation of new knowledge and is usually 
undertaken for that purpose alone without any considera- 
tion for its immediate commercial application. Industrial 
research, which is just as difficult, concerns the applica- 
tion of knowledge to specific production problems, applying 
the information gained in any field through pure or scien- 
tific research and writing the dollar sign into the equation. 
Organized industrial research endeavors to put to work 
the many forms of power which new knowledge affords 
to the end that better things may be produced or that 
production may proceed more economically, or perhaps 
with reference to some new requirement. Early in an 
industry many things are discovered purely by accident, 
but through wage scale changes, increased competition 
due to improved transportation facilities, and other fac- 
tors, the time soon comes when it is necessary to mcrease 
production and improve quality without a necessary pro- 
portional increase in the cost of manufacture. An increase 
in capital, higher development of manual skill and the 
multiplication of units are not sufficient. It becomes 
necessary to apply all the science at our command. 

Great thinkers have repeatedly emphasized the depend- 
ence of progress upon science and as early as 1835 Baine 
in his "History of the Cotton Manufacture" said: "The 
manufactory, the laboratory, and the study of the natural 
philosopher are in close practical conjunction; without 
the aid of science, the arts would be contemptible; with- 
out practical application, science would consist only of 
barren theories which men would have no motive to 
pursue." The cotton industry has of course used the re- 
sults of scientific research, but it has not contributed 
systematically to increasing the store of scientific knowl- 
edge without which its progress cannot continue indefi- 
nitely. Indeed many examples of the potency of science 
in commerce can be drawn from the cotton industry itself. 
We need only mention the great achievements in mechani- 
cal engineering, the process of mercerization, modern 
methods of bleaching, and the great saving in time and 
labor for which it has been responsible, and the develop- 
ment of synthetic dyes which have done so much to ele- 



OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 199 



vate textiles to the class of hijjh-grade materials, and in 
conjunction with improved methods of spinning, weavmo; 
and hmsiimg have made possihle the production ol cotton 
fabrics which appeal to the most discriminating. Even 
the fragmentary knowledge which we have at present 
concerning starches, gums and other finishing materials 
has been of inestimable value, but fundamental knowledge 
of these complex organic bodies is very much to be desired. 
Whatever we may know at present concerning their 
reactions is due to research. 

Research in the field of biology, botany and agricul- 
ture has done much for the cotton grower and recent 
experiments give reason to hope that ere long the boll 
weev'il may be brought under control li indeed not elimi- 
nated. Through research we have been given new 
varieties of cotton and the production of Egyptian-type 
cotton has become a reality in our western valleys. Re- 
search has also found uses for cotton which benefit the 
grower as well as the manufacturer and special industries 
based upon cotton as the raw material have developed. 
Great sums are added annually to the value of the cotton 
crop because research has found so many ways of using its 
by-products, and the seed which at one time was a nuisance 
in the cotton states is now the raw material for industries 
whose products before the war represented an added 
value of from $io to $12 per bale and on the basis of 
1918 prices several times that amount. Research has 
gone still further and by developing methods for changing 
the character of cotton-seed oil through hydrogenation 
has produced an article of commerce which is of great 
economic importance in that it re-enforces our supply of 
hard edible fats. 

It is probably fair to say, therefore, that the present 
cotton industry is living to a large extent on investments 
made by its predecessors in mechanical, physical, agri- 
cultural, chemical and engineering research. 

Notwithstanding the work done by individual concerns, 
the U. S. Department of Agriculture, agricultural experi- 
ment stations, our schools and commercial associations, 
the industry as a whole has unquestionably drawn far 
more from our storehouse of scientific knowledge than it 
has ever put in, but it has come to be realized that if the 
cotton industry is to go forward as it should it must 
seriously engage in scientific and industrial research. 

Consider briefly some of the problems which could be 
studied with reasonable promise of success. The industry 
is in the habit of thinking wholly in large units. Thou- 
sands of bales and millions of yards are terms employed in 
speaking of the industry, but what attention has been 
given the ultimate fibre upon which the entire cotton 
industry is based.? The loss due to the improper classifi- 
cation of cotton staple by length probably constitutes 
one of our unrecognized industrial wastes, and yet we 
are not making full use of scientific methods which might 
be developed to make such measurements accurate. The 
strength of the yarn must be due to the physical qualities 
of the individual fibre, such as the twists in the fibre which 
increase the friction between fibres, and yet we know 
very little concerning these twists, their significance, and 
whether a variety of cotton can be identified by them. 
How should the cotton fibre be manipulated to use this 
structure to the greatest advantage.? What takes place 
during the period when the fibre matures.? What is the 
effect of aging.? What chemical changes does the wax 
undergo and does this have an effect upon the quality of 
the fabric made from the fibre.? What is the relative 
strength of the fibre in different parts of its length.? 
When It breaks in the process of manufacture, where is 
this break most likely to occur and how can it be avoided.? 



Can we control the separation of the fibre from the seed 
in such a way that it will part at the base of the fibre 
rather than break at any other point.? 

It would be important to know whether the degree of 
twist can be controlled in any practical way. How and 
when does the twist in the fibre arise? We know the 
fibre flattens out and takes on some of this twist during 
the ripening stage, but whether it develops slowly or 
rapidly and the effect of the time element in forming this 
twist upon the quality of the fibre in terms of wear are not 
known. We need to know much more regarding the 
cause of differences in spinning qualities and the real 
effect of humidity. Does the very slight gain in length 
under certain conditions of moisture have an important 
bearing, and how humid can the fibre be without causing 
difficulties due to shrinkage.? 

Mill men know that sudden changes in atmospheric 
conditions have a direct effect upon their material in 
process and they sometimes say that the fibre "goes 
crazy," but if anyone will repeat Dr. N. A. Cobb's experi- 
ment with the cotton fibre, the straw and the covered 
tumblers of water and sulphuric acid, they will begin to 
understand why these fibres go crazy and why it might 
pay them to consult the Weather Bureau records, or to 
have a special survey made before locating a mill. The 
importance of beginning a systematic study of the influ- 
ences of moisture would also be emphasized. 

If we knew all that we should about the changes that a 
fibre undergoes in the various mechanical and chemical 
processes and understood what happens in the internal 
structure of the fibre, we might be able to specify the 
qualities for which we should strive in producing raw 
cotton, and it seems reasonable to expect that the same 
success could be achieved as has been realized in growing 
other plants to specifications. We require more informa- 
tion regarding the characteristics of the individual fibres 
and their influence on the quality of the finished goods. 
Can the final result be improved by modification of the 
processes, or must we depend upon changing the fibre, 
and if it is the fibre that must be improved in what par- 
ticular would the manufacturer encourage the grower to 
make such modifications.? 

The airplane cloth experiments indicate that cotton may 
possibly be made as strong as linen, while research in 
other fields has shown that it can be made nearly as warm 
as wool. Now if cotton could be produced with more 
resiliency so that the nap, wdiich is largely responsible for 
warmth, would not crush but would have the character- 
istics of wool nap, we would have gained a great deal. 
Such a resilient cotton could be used in the place of wool 
for batting, and if when woven into fabric it should prove 
resistant to creasing it would be very desirable. Perhaps 
some day new types of cotton fabrics may be justly 
acclaimed as strong as linen and as warm as wool. 

To manipulate cotton in a way to make it a satisfactory 
substitute for other fabrics is another broad field. There 
are still some unsolved questions of bleaching, especially 
of raw cotton on a large scale, and there are a number of 
closely related subjects. Research upon cotton shoidd 
concern the proper use and treatment of the fabric after 
it has left the mill as well as during its manufacture. 
Some of these days we may have pure fabric laws and it is 
therefore important to standardize our methods of test- 
ing, and these methods should be international and should 
extend to fibres and yarns as well as fabrics. 

A research laboratory would be instrumental in creating 
a mutual interest among growers and manufacturers in 
producing better varieties of cotton, and to encourage 
such production a small factory-scale equipment should 



200 OFFICIAL REPORT OF THE WORLD COTTON CONFERENCE 



be available so that a new variety of cotton could be 
thoroughly tested and put through all the stages of manu- 
facture under controlled and measurable conditions. At 
present market practices have a tendency to pull the 
whole industry down to the low level of inferior short- 
staple cotton, and today it is too seldom worth while 
for the cotton grower to be progressive. The establish- 
ment of convenient conditioning houses would be helpful 
for it would put a premium on the uniform, clean, superior 
raw material which could be purchased on the basis of its 
determined characteristics. There is much to be done on 
testing methods. We would like to know the effect of 
humidity on tensile strength and the elasticity of fibres 
of the same weaves but of different weights, and also of 
different weaves. We should determine the correction 
factors for tensile strength per unit of weight, per unit of 
regain, for different types of fabric. The variation of 
temperature m different types of drying ovens should be 
known and the effect of drying samples to bone-dryness, 
for our information is far from complete concerning the 
effect of drying cotton yarns to absolute dryness upon 
their strength and elasticity. 

The dispute regarding the so-called strip and grab 
method of measuring tensile strength should be settled. 
The proper size and length of a specimen for the strip 
method and a definite specification as to the manner in 
which test specimens are to be selected should be laid 
down. The percentage of relative humidity at which 
tests must be made, the types of testing machines that 
can be employed, the methods of clamping the specimens 
in place, the rate of applying the load in tensile strength 
determinations, and the effect of varying capacity of 
tensile strength machines upon the results should be 
investigated. There is need for a standardized grip for 
use in testing yarns and twine and a suitable method for 
preparing these samples. 

Another important field is that relating to imperfec- 
tions and tolerances, and research can be profitably 
employed in determining the tolerances which should be 
applied to the values secured with standardized tests, 
ihen there is immediate need of standardization in 
nomenclature which is important, not only from the stand- 
point of the textile manufacturer but in order that stand- 
ardized terms can be defined and made clear to the 
purchaser and distributor of textile materials. Trade 
terms should be included. 

This list of questions could be extended indefinitely 
and without doubt when research is undertaken the higher 
ground which will be gained will so increase our vision 
that many new problems will constantly suggest them- 
selves as suitable for constructive work. The research 
under discussion should be conducted by the industry. 
Itself. Individuals have always made important contri- 
butions and are responsible for some of the world's -great- 
est discoveries, so that great care must be taken to encour- 
age rather than limit individual effort. However, 
mdividuals can cooperate to advantage and it is by 
cooperation that the greatest results can frequently be 



achieved. The problems in the cotton industry are too 
fundamental for any one agency to carry on all the work 
profitably, but the community of interests is large and it is 
believed that a plan can be formulated in which the cotton 
growers, ginners, spinners, weavers, finishers, printers, 
converters, wholesalers, bankers, transportation com- 
panies, in short all those concerned with cotton can 
associate themselves to conduct work so systematically 
and efficiently that large profits will result from compara- 
tively small individual investments. It has been said 
that the investment made by Germany in research upon 
synthetic dyes has probably proved to be the best invest- 
ment ever made. Why should not an investment in 
research in the cotton industry prove equally remunera- 
tive? Such a research association would not be called upon 
to duplicate facilities or equipment which now exist in 
different parts of our country, but it could articulate the 
work being done and direct new efl^ort toward filling gaps 
in our present information, minimize duplication, assign 
portions of the problems to those best fitted to solve them, 
and enjoy cooperative work with the Government bureaus, 
agricultural experiment stations and our educational insti- 
tutions. The research association could direct some 
routine work, could if desired act as arbitrator in case of 
disputes, would become a center to assist in questions of 
education with respect to those entering the cotton indus- 
try and exercise a beneficial influence in preparing opera- 
tors and others to use advance information and knowledge 
which the association would be instrumental in obtaining. 

The call for research is persistent and must be answered. 
Many look upon research as the only insurance which can 
be carried against the damage caused by ignorance, and 
the support of research calls for expenditures which are 
but fractions of the premium paid for insurance against 
less important losses. 

It is impossible for individual firms or even for a great 
association acting separately to undertake the task, and 
the full need can only be met by a research association 
especially suited to deal with the complete problem. 
Therefore the World Cotton Conference, through its Com- 
mittee on Research, Reports and Statistics, has asked the 
Chairman of the National Research Council and the Presi- 
dents of The National Association of Cotton Manufac- 
turers, The American Cotton Manufacturers Association, 
and the American Society for Testing Materials, to join 
in appointing a committee to arrange details for the early 
establishment of a cotton research association in the 
United States and to prepare outlines of work to be 
initially undertaken and a budget for the support of such 
work for presentation to the various organizations in the 
American cotton trade which will be invited to join in the 
undertaking. The committee when appointed will move 
as rapidly as possible, for not only is it incumbent upon 
America to study the problems confronting our own cotton 
industry, but to be prepared to contribute our quota to 
the solution of those cotton problems which have an 
international importance. 



201 



HOWARD & TAYLOR CO. 

ATLANTA, GA. 

Selected Staple 

NORTH GEORGIA 

COTTON 



The Headbrand "HOW^f TAY" means 

Correctly Classed — Correctly Stapled 



HOWARD & CO. 



Cotton Selling 
Agents 

LIVERPOOL 



Cable Address: "Troup Howard" 



G. T. HOWARD 



Cotton 
Controller 



LIVERPOOL 



202 



BUTLER MILL 



NEW BEDFORD 

Massachusetts 




FINE COTTON GOOT>S -Plain and Fancy 
Intricate Weaves and Novelty Effects 

Selling Agents 

BUTLER, PRENTICE &' CO., Inc., 320 Broadway, New York City 



NEMASKET MILL l^rZZ 




Spinners and doublers of High Grade Cotton 
Yarn from selected cotton, numbers from 20's 
to 8o's, single and double and combed, 
tubes, ball warps, beams, bobbins and spools 

Selling Q^ gents 

BUTLER, PRENTICE & CO., Inc., 320 Broadway, New York City 



203 



HOOSAC COTTON MILLS 

NORTH ADAMS, MASS. 




MANUFACTURERS OF 



Jacquards Dress Goods Shirtings Voiles 

Selling Agents, BUTLER, PRENTICE & CO., Inc. 

320 BROADWAY, NEW YORK CITY 



New Bedford Cotton Mills Corporation 

NEW BEDFORD, MASS. 
Manufacturers of FINE COTTON GOODS Plain and Fancy 




Specializing in Colored Yarn Shirtings and Skirtings. Fine Piques, Ply 

Yarn Poplins and Gros grains 

Selling Agents, BUTLER, PRENTICE & CO., Inc. 

320 BROADWAY, NEW YORK CITY 



204 




CABLE ADDRESS 
WOLFALCO 


ESTABLISHED 
1881 


A. T. 


WOLFF & CO. 


Cotton i^ercljants 


NEW YORK 


DALLAS NEW ORLEANS 



JNO. E. ROBERTS WM. D. ROBERTS LEO G. CARTER 



ROBERTS, CARTER & CO. 



Cotton 



MEMPHIS ^"RoBER^"'' TENNESSEE 



205 



H. & C. NEWMAN, Ltd 

COTTON 



NEW ORLEANS, LA. 



^^^ 






■.# 



^j>. 
^ 






IBI I III III! II 11 

P I iil illl nil 

iir I 'I i£i Ki 




SALES ROOM 



ALSO OPERATING WEBB HIGH DENSITY PRESS; 

THE TERRELL, THE MISSISSIPPI 
AND THE VIRGINIA YARDS AND WAREHOUSES 



206 




BEASE 


BROTHERS 


Cotton 


Merchants 


822 UNION STREET, NEW ORLEANS 


SELLING OFFICES: CHARLOTTE AND LIVERPOOL 



FENNER & BEANE 



832 COMMON STREET, NEW ORLEANS 



CONTRACTS FOR FUTURE DELIVERY EXECUTED IN 
NEW ORLEANS NEW YORK LIVERPOOL 



207 



ROBERT COHN 



JOHN ELLETT 



COHN & ELLETT 




801-805 FALLS BUILDING 



MEMPHIS, TENN. 



p. O. Box 555 Cable Address, Emeritus 

Codes Used: Shepperson's 78th and 81st Ed., Meyer's 39th Ed. 



BRANCH OFFICES 



Brownsville, Tenn. 



Jackson, Tenn. 
Clarksdale, Miss. 



Dyersburg, Tenn. 
Texarkana, Texas 



Osceola, Ark. 



ALFRED H. CLEMENT & 
COMPANY 



FREIGHT AND CUSTOMHOUSE BROKERS 
AND FORWARDING AGENTS 

General Receiving and Export Agents 

Fire, River, Marine and Hull Insurance 

HENNEN BUILDING 
NEW ORLEANS, LA. 



CODES 

CABLE ADDRESS WATKINS WESTERN UNION 

SCOTT'S ROBINSON'S 

' ALCLEM " A. B. C. PREMIER 

PRIVATE 



R. F. WiLLiNGHAM, President 

R. H. SissoNs, Sec'y and Treas 

ESTABLISHED 1870 



WILLINGHAMS 
WA REHOUSE 

Cotton Jfactors 



MACON 



GEORGIA 



LINTERS, IRREGULAR COTTON 
COTTON SEED PRODUCTS 
BAGGING, TIES, FERTILIZERS 

Cable Address : WILWARE 

Codes — Myers', Yopp's, A. B. C. 
Shepperson's, Robinson's 



208 






Cable Address: "ESTEVE" 






Esteve 


Brothers 


e? Co. 


Merc 


hants and Exp 


orters 


COTTON, GRAIN, LUMBER 


STAVES, ROSIN, 


ETC. 


Steamship and Ship Agents 


p. 0. Box 764 
NEW ORLEANS, LA. 

U. S. A. 




P. 0. Box 173 

SAVANNAH, GA. 

U. S. A. 



Telephone Main 



7685 
7686 



THE ALEXANDRIA 
COTTON CO., Ltd. 

Egyptian Cotton Merchants 



40 CENTRAL ST. 
BOSTON, MASS. 



9 RUE STAMBOUL 

ALEXANDRIA 

EGYPT 



4 OLD HALL ST. 

LIVERPOOL 

ENGLAND 



BUYERS 

AND SHIPPERS 



DOMESTIC 
AND EXPORT 



TAGGART BROS. 
Sf CO. 



Cotton 



Standard Shipments 



ESTABLISHED 
1870 



Pine Bluff, Ark. 



209 



A. H. CLEAVER & CO. 

SUCCESSORS TO CAMPBELL & CLEAVER, INC. 

Cotton Merchants 

DALLAS, TEXAS BIRMINGHAM, ALABAMA 

TEXAS OKLAHOMA ARKANSAS LOUISIANA 

ALABAMA GEORGIA MISSISSIPPI TENNESSEE 

CABLE ADDRESS: CLEAVCAMP 

Meyer's, Bentley's and Shepperson's Codes 



J- 


K. Livingston 




J. B. Glover 


J. 


K. 


T .ivingston 


& 


Company 






COTTON MERCHANTS 

Members New York Cotton Exchange 






Cable Address: "Livingston 


[" 


Savannah :: 




Georgia 



210 



J. J. LOWREY & COMPANY 



Cotton 

Texas^ Oklahoma^ Orleans 
Georgia Cottons 

NEW ORLEANS, LA. AUGUSTA, GA. GALVESTON, TEXAS 

GREENVILLE, TEXAS MILAN, ITALY 

Selling Agencies: — HAVRE, FRANCE — LIVERPOOL, ENG. 



NEWBURGER COTTON CO. 

INC. 

MAIN OFFICE 

FALLS BUILDING, MEMPHIS, TENN. 
Producers, Buyers and Exporters of 

COTTON 

High Grade and Staple Cotton a Specialty 

Highest Mill and Bank Reference on 

Application 

We are represented at eighty best cotton points 
in Mississippi, Arkansas and Tennessee and pur- 
chase direct from the planter, and are in position 
to furnish best stapled and bodied cottons, avoid- 
ing all poor uplands. Samples showing our 
cottons sent free of charge, on request. 

CORRESPONDENCE SOLICITED 

Cotton sold payable arrival mills, or on time 
to responsible mills, corporations or firms. 



James T. Anderson, President 

W. A. DupRE, Vice President and Manager 

H. N. DuPre, Secretary 



ANDERSON BROS. 
COMPANY, Inc. 

Cotton Fertilisers 

Qeneral Merchandise 



HIGH GRADE COTTONS 
A SPECIALTY 



MARIETTA, GA. 



211 



ESTABLISHED 1873 



KAHN'S 
PICKERT 



DEALERS IN AND EXPORTERS OF 
ALL GRADES OF 



Fa&ors Samples^ Repacks 

and Irregular Cotton 

Also Grabbots^ Linters^ etc, 

NEW ORLEANS LOUISIANA 



HAMILTON 

COTTON 

COMPANY 



DOMESTIC 



EXPORT 



COTTON 



FORT WORTH, TEXAS 



AUSTIN, TEXAS NEW ORLEANS, LA. 



CABLE ADDRESS "HJMILCO" 



J. R. YOUNG 


H. H. FRAMPTON 


J.R.} 


'oung& Company 


Cotton 


Charleston 


Savannah, Ga. Hartsville 




Cable Address "Young" 

Codes: Shepperson 1878 and 1881 

Meyer's 39th Edition 


Charleston 


:: South Carolina 



212 



Members: 

New York Cotton Exchange 
New Orleans Cotton Exchange 



HUBBELL, SLACK & CO. 



Cotton 6^porter0 



HOUSTON 



WEATHERFORD, CRUMP & CO. 
New Orleans, La. 



TEXAS 



JAMES L. CRUMP 
Genoa, Italy 



John C. Goold & Co. 


H. H. L.^WLER 


LIVERPOOL, ENGLAND 


LOCAL REPRESENTATIVE 


GOOED 


& CO. 


Cotton &u^txs 


922 GRAVIER 


STREET 


NEW ORLEANS, 


LOUISIANA 



G. E. Bryson 

President 



E. G. BiSCHOFF 

Secretary-Treas. 



G. E. BRYSON 
& COMPANY 

(INCORPORATED) 

Cotton i5lerci)ants 
anti €ieporters 



WACO 



Cable Address 
" BRYSON " 



TEXAS 



Codes — Shepperson 78 
Meyers SQ'^h 



Porter-Snowden Co. 

Cotton 

Extra Staples a Specialty 

90 East Bay Street 
CHARLESTON, S. C. 



213 

C. F. WITHERSPOON 
& SONS 

Cotton dporters^ and 



OFFICES 

DENTON, TEXAS: C. F. Witherspoon 

HOUSTON, TEXAS: F. C. Witherspoon 

NEW ORLEANS, LA.: G. P. Witherspoon 
GALVESTON, TEXAS: G. M. Alsup 

CODES 

Meyers 37 and 39 
Sheppersons 78 and 81 
Cable Address: Spoon 



UNION WADDING CO 



PAWTUCKET, R. I. 



DEALERS IN HIGH GRADE COMBER 
AND ALL OTHER QUALITIES OF 
COTTON WASTE AND PAPER STOCK 
MACHINED WIPING WASTE FOR 
ALL PURPOSES 



214 



H. R. GOULD & CO. 



Cotton jMertl)ant0 



NEW ORLEANS. LA. 



SPECIAL ATTENTION GIVEN TO SPINNERS REQUIREMENTS 



Jackson, Miss. New Orleans, La. Canton, Miss. 

W. J. DAVIS & CO. 

Cotton 
0ltx(\)mts 

814 UNION STREET 
NEW ORLEANS, LA., U.S.A. 



Cable Address Davisco 

Members New Orleans Cotton Exchange 



Lehman Bros., New York 



Established 1865 



LEHMAN, STERN 
& CO., LTD. 

Cotton if5lertl)ants 

840 UNION STREET 
NEW ORLEANS, LA. 



LIBERAL ADVANCES MADE 
ON CONSIGNMENTS 



special .attention given 

to the sale of cotton 

on f. o. b. terms 



ORDERS FOR FUTURE CON- 
TRACTS EXECUTED ON THE 
NEW ORLEANS, NEW YORK 
AND LIVERPOOL COTTON 
EXCHANGES 



215 



ESTABI.ISIIKD 1868 

EUGENE C. ANDRES 
COMPANY 

Cotton iEen|)ants 

EGYPT, PERU, CHINA, INDIA AND 
BRAZIL 

AMERICAN UPLANDS AND STAPLES 

141 MILK ST. 
BOSTON, MASS. 

BRANCHES 
NEW BEDFORD AND FALL RIVER, MASS. 



M. H. Wolfe, President 

J. H. HuTTON, Vice-President 

Sam. R. Turner, Secretary-Treasurer 



M. H. WOLFE & CO. 

INCORPORATED 
CAPITAL ^100,000.00 FULLY PAID 

Cotton (txpoxttu 

DALLAS, TEXAS 



Cable Address, "Manwolfe" 

Codes, Shepperson's 78 and 81, Meyer's 39th 



H. ^^". Garrow 



J. W. Garrow 



H. W. GARROW & CO 

ESTABLISHED 1882 

iWerc|)ants anD 
CjTporters 



HOUSTON 



TEXAS 



PAUL U. THALMANN 

NEW ORLEANS, LA. 

REPRESENTING 

LATHAM & CO., HAVRE, FRANCE 



Cotton 



MEMBERS: 

NEW ORLEANS COTTON EXCHANGE 
NEW YORK COTTON EXCHANGE 
HAVRE (FRANCE) COTTON EXCHANGE 

ASSOCIATE MEMBERS: 

LIVERPOOL COTTON ASSOCIATION 



216 



F. H. ELMORE, Jr. 



W. W. BRAME 



ELMORE, BRAME & CO. 

Cotton 



MONTGOMERY 



ALABAMA 



Cable Address 
Elquilco 



Codes: Shepperson's 1878-1881 
Meyer's 39th 



S. SAMUELS 



R. F. SAMUELS 



S. SAMUELS & CO. 

ESTABLISHED 1872 

Cotton, Factor Samples 

Pickings, and Linters 

5th Floor, Hermann Building 
HOUSTON, TEXAS 



All contracts and agreements are contingent on strikes, fires, 
accidents and other delays beyond our control 

MEMBERS 
Houston Cotton Exchange 

Galveston Cotton Exchange 

Texas Cotton-Seed Crushers Association 

REPRESENTATIVE 
25 Beaver Street, New York 

25 California Street, San Francisco 



W. M. WARD ^ CO 



Cotton 
Fadtors 



Herman Building 
HOUSTON TEXAS 



2Y 



C. M. KORTRECHr 



GUS KORTRECHT 



C. M. Kortrecht 
afCo. 



Cotton 



Memphis, Tennessee 
Decatur, Alabama 



SHEPARD 
& GLUGK 



Cotton 

SPOTS— FUTURES 



NEW ORLEANS 
LOUISIANA 



K. TIDEMANN & COMPANY 

INCORPORATED 

SE5252S2SHS2SH5HSHS2S2525252S2S2S2S2SHSH5ES2SEiBS2SH5H5SSHSHSESH5H5H5HS2SESE5H5H5ffi2S25HS^^ 

Cotton Supers mh (Exporters 

FORT WORTH, TEXAS 



Concentrating and Shipping Office: 
GALVESTON, TEXAS 



Agency: 

NEW ORLEANS, LA. 



MEMBERS: 
TEXAS COTTON ASSOCIATION 
NEW YORK COTTON EXCHANGE 
NEW ORLEANS COTTON EXCHANGE 



218 



WARREN D. HALL 



W. M. BEALE 



HALL BEALE COTTON CO. 



Cotton jlertl)ant0 



MONTGOMERY 



ALABAMA 



Cable Address 
Hallbeal 



Codes: Shepperson's 1878-1881 
Meyer's 39th 



JNO. F. CLARK 



RUSSELL CLARK 



J. MARKS 



JNO. F. CLARK & CO. 

Cotton (Spots and Futures) Stocks, Bonds, Grain, 
Provisions, Coffee, Sugar and Cotton Seed Oil 

818 GRAVIER STREET, NEW ORLEANS, LA. 
26 N. FRONT STREET, FALLS BLDG. MEMPHIS, TENN. 



PRIVATE WIRES TO NEW YORK, CHICAGO AND PRINCIPAL POINTS OF THE COTTON BELT 

MEMBERS OF NEW ORLEANS AND NEW YORK COTTON EXCHANGES, CHICAGO AND NEW ORLEANS 

BOARDS OF TRADE, NEW ORLEANS FUTURE BROKERS ASSOCIATION, NEW YORK COFFEE 

AND SUGAR EXCHANGE, NEW YORK PRODUCE EXCHANGE 

NEW YORK CORRESPONDENTS: J. S. BACHE & CO., N. L. CARPENTER & CO., LIVINGSTON & CO. 
CHICAGO CORRESPONDENT: THOMSON & McKINNON 



219 



REID BROTHERS 

#y* i»y It *yve #y .* #v^< *v ■»■ *y V *v V *i>^*" *£Kf *i''ic e-y^s «ys *y »■ j^i? »■ ^i?* *v < ityV *^V *^fi( «i>-jc 






Cotton 



■STJ 



m 



i«^* *VTf *£K< *iK*- <i'^*' 'VV *i^« *iJ^V *:!?'« 

EXPORTERS AND SHIPPERS OF ALL GRADES AND STAPLES 

GALVESTON, TEXAS 

BRANCH OFFICES AT HOUSTON, TEXAS; NEW ORLEANS, LA. 
AGENCY AT LIVERPOOL, ENGLAND 

CABLE ADDRESS, McREID 
CODES: SHEPPERSON'S 78-81, WOHLERS GEN'L COTTON, A B C 5th EDITION, MEYER'S 37th AND 39th 



MORIMURA, ARM & 
COMPANY 




SOUTHWESTERN LIFE BLDG. 
DALLAS TEXAS 



JESSE B. SWEET, Jr. 



Sweet ^ Co. 



Cotton 



-^^^^•^^^^^.^•^^^^ 



PROVIDENCE, R.T. 

16 So. Water St. 

NEW BEDFORD, MASS. 
161 Middle St. 



220 



Fr.'^nk M. Inman 
C. B. Howard 



Paul H. Allen 

E. H. Inman, Special 



INMAN & 
HOWARD 

ATLANTA, GA. 

Cotton iWercfjants anti 
exporters 



North Georgia and North Alabama 
Cottons 



AGENCIES: 

TOCCOA, GA. ATHENS, GA. MACON, GA. 

CHARLOTTE, N. C. 



HENRY W. MASON 
& COMPANY 




American, Egyptian and 
Sea Island Cotton 

Providence, R. I. 



BOSTON 



BRANCH OFFICES 
NEW BEDFORD FALL RIVER 



R. G. CORTNER 



R. N. HARRIS 



H. D. BYNUM 



S. S. FLETCHER 



HARRIS, CORTNER & COMPANY 



DECATUR, ALA., U.S.A. 



Cotton 

ALABAMA AND MISSISSIPPI COTTON 

DOMESTIC MILLS AND EXPORT 



AGENCIES AT FLORENCE AND HUNTSVILLE, ALA. 



221 



ALEXANDER ECCLES 
e COMPANY 



COTTON 



82 J Union Street 
New Orleans^ La.^ U. S. ^. 



HEAD OFFICE: 
LOMBARD CHAMBERS 
LIVERPOOL, ENGLAND 



BRANCHES: 

NEW ORLEANS, LA. — DALLAS, TEXAS — MEMPHIS, TENN. 
DYERSBURG, TENN. — GREENVILLE, MISS. — GREENWOOD, MISS. 
SAVANNAH, GA. — LITTLE ROCK, ARK. 



222 



F. W. ANDREWS 



SHELBY GABBERT 



Andrews-Gabbert 
& Co. 



DOMESTIC 



Cotton 



EXPORT 



RIVERS, BENDERS AND EXTRA 
STAPLES A SPECIALTY 

Main 0#ff; — MEMPHIS, TENN. 

Branch Offices : 

Dyersburg, Tenn. Blytheville, Ark. 

Newport, Ark. 

Our Buying Facilities cover the 
Arka7isas and Delta Sections 



J.B.JAMIESON 

77 SUMMER STREET 
BOSTON 



Cotton Yarns 

of all Counts and 
Descriptions 

Correspondence solicited 



BROWN-BEESON 
COMPANY 

Cotton 

Buyers, Shippers and Exporters 



FORT WORTH, TEXAS 

AND 

WACO, TEXAS 



Codes: 

Meyer's Atlantic, 39^" Edition 

Shepperson's 



Address Cables 
"Brown Beeson " 



W. T. Caswell 



COTTON 



AUSTIN, TEXAS 



Codes: 

Shepperson 1878-1881 

Meyers 39th Atlantic Code 



Cable Address 
« CASWELL '■ 



223 



B. B. Ford & Co. 



Cab/e Address 
''FORD'' 



MACON, GEORGIA 



R. F. SlRlCKLAND & Co. 

J. Holmes Jordan J. G. Jackson 



Strickland, Jordan & 
Company 

Cotton fCTerc!)ant0 

Successors to PEACOCK, JORDAN & COMPANY 

ATLANTA, GA. 



OFFICES 
ATLANTA, GA. LAVONIA, GA. 

CONCORD, GA. TOCCOA, GA. 



F. C. MINOPRIO 



E. S. BUTLER 



C. E. HANCOX 



MINOPRIO & COMPANY 

LIVERPOOL, NEW ORLEANS 



KENWORTHY, MINOPRIO & CO. 

PARIS AND HOUSTON, TEXAS 

Cotton Exporters 

Agencies in all Foreign Countries 

Members Liverpool Cotton Association, New York Cotton Exchange 

New Orleans Cotton Exchange, Memphis Cotton Exchange 

Houston Cotton Exchange, etc., etc. 

Cable Address: MINOPRIO 



224 



EvANDER Lewis 



1 Hos. A. Goodwin 



Lewis & 
Goodwin 

MEMPHIS :: TENN. 

Cotton i^mlbant0 

EXPORTERS AND 
DOMESTIC SHIPPERS 

BRANCHES 

Dyersburg, Tenn. Forest City, Ark. 

Covington, Tenn. Blytheville, Ark. 

Brownsville, Tenn. Newport, Ark. 

Jackson, Tenn. Jonesboro, Ark. 

Helena, Ark. Pine Bluff, Ark. 



Codes: 

Meyer's 39th 
Shepperson's '78 



Cable Address 

Lewgood 



Lawrence W. Weil 



J. Harry Weil 



L.W.WeiiafCo. 



Cotton Shippers 
and Exporters 



Montgomery, Alabama 



Cable Address "HARRY" 



ALEX HYMAN 
CARL WOESTE 
MIKE S. HART 



ALEX HYMAN & CO. 



Cotton ilrofeers 



HiBERNiA Bank Building, New Orleans 



SPOT COTTON HEDGES AND RE- 
CEIVING AND DELIVERING COTTON 
ON CONTRACT A SPECIALTY 



Cable Address: BLUMHYM 
Telephone: MAIN 607 



N. FLUEGELMAN 
& CO. 

CONVERTERS OF 

Cotton 

Waistings 

Skirtings 

and Linings 

78-80 Worth Street 

NEW YORK CITY 



OLIVER S. HAWES 
WILLIAM B. HAWES 



ESTABLISHED 188: 



O. S. HAWES & BRO. 



Cotton 
Yarns 



FALL RIVER 



MASSACHUSETTS 



Harold Baker Andrews 



Established 1865 



J. P. RHODES 
COMPANY 

Cotton 

Providence, R. I. 



NEW BEDFORD, MASS. 
UTICA, N. Y. 



Codes 

A. B. C. 5^" Watkins 

W. U. 5 Letter 



Cable Address 
" Lykes " 



Lykes Brothers 



GALVESTON, TEXAS 



OFFICES: 

HAVANA GALVESTON TAMPA 

NEW ORLEANS, LA. 

NEW YORK OFFICE, 25 BEAVER ST. 



Steamship 
Agents and Operators 



226 



C. W. BUTLER 

efco. 



MEMPHIS 



TENN. 



Cotton 



MELLOR & FENTON 

Liverpool and Manchester 



^t Tour Service 



For Tour Dyeing T'roble/f/s 

Our technical force. 

For Tour Requirements 

Our Organization assuring efficient 
handling. 

Our American Factory Connections 
assuring regular deliveries. 

Our ample stocks. 



"JENYL" we apply to our 
Direct Cotton Colors 



"KATHETON" we apply 
to our Sulphur Colors 



Jennings & Company, Inc. 

93 BROAD STREET, BOSTON 



SOUTHERN COTTONS 



For Converting, Maufacturing, Jobbing and Export Trades 



W. H. LANGLEY & COMPANY 

Commission Merchants 



11 WORTH STREET 



NEW YORK 



22' 




New England Waste Company 



549 ATLANTIC AVENUE 

One block from South Station 

BOSTON, MASS. 



Graders and Packers of all kinds of 



Cotton Waste 



Mills at 
Revere, Mass. 



Branch Office 
Charlotte, N. C. 



228 




WM. 


SCHSEIDER & CO. 




@0000SH0^H0E000@00^B^00 




Cotton 




BBOOSOiSOS;SiQOjO'.E3:D:E3:0'OiOiOSBP 


GALVESTON TEXAS 



B. O. MCGEE C. C. DEAN E. W. WOOD 

MCGEE, DEAN & 
COMPANY 

Cotton Buyers 



LELAND 



MISS. 



Branch Offices: 
New Orleans, La. Boston, Mass. 
Memphis, Tenn. New Bedford, Mass. 
Gastonia, N. C. Greenwood, Miss. 



Stanley Henshaw 



M. H. L. Sanders 



Henshaw & Sanders 
COTTON 

AMERICAN, EGYPTIAN AND 
SEA ISLAND 



810-813 INDUSTRIAL TRUST CO. BUILDING 



Providence, R. I. 



Branch Office: NEW BEDFORD, MASS. 
N. J. BURT, Agent 



229 



A. B. TURNER 



79 Milk Street 



BOSTON 



Main 5784-5785 



^ 



Specialist in 

MILL AND MANUFACTURING 

SECURITIES 



Do You Ever Read the Trade 
Pages in the 

Cranjstript ? 

Their Cotton and Wool 
Articles on Tuesdays and 
Thursdays are authoritative 
and up-to-date. 

If Cotton and Wool is your 
business, reinforce it with 
these two issues of the 

iloston 

€bentng Cranstript 



ARNOLD PRINT WORKS 



NORTH ADAMS 



MASSACHUSETTS 



When you read its announcements of Bleaching, 
Mercerizing, Printing, Dyeing and Finishing 
exclusively for the 

Converting Trade 

do you appreciate the fact that the WATER IT 
USES FOR ALL PURPOSES, over 1,000,000 
gallons an hour, is FILTERED, and for SPECIAL 
PURPOSES is CHEMICALLY SOFTENED ? 



IT MAKES A DIFFERENCE! 



Ne w York Of fie e : 



320 BROADWAY 



230 




TRADE MARK 



The Benefit of 
Over Ninety Years' Experience 

The man who has learned by experience 
"knows" his business. 

The manufacturing concern that has striven 
and progressed for over ninety years has 
had its periods of trial and success that 
result in an estabhshed business policy 
and a standard of quality which is par- 
ticularly its own. 

The benefit of our experience acquired in the Carpet 
and Rug industry during four generations is at your 
service. 

BigeloW'Hartford Carpet Company 

ESTABLISHED I 825 

New York Office: 25 Madison Avenue Chicago Office: 14 East Jackson Boulevard 

Boston Office: - 69 Summer Street San Francisco Office: 770 Mission Street 

Kansas City Office: 25 East 12th Street 
St. Paul-Minneapolis Office: 2362 University Avenue 



231 



WATTS, STEBBINS & CO. 

Selling Agents 
44-46 Leonard Street NEW YORK 



BROWN and BLEACHED 

SHEETINGS CAMBRICS 

SHIRTINGS LONG CLOTHS 

INTERLININGS LAWNS 

DRILLS NAINSOOKS 

FOR HOME AND EXPORT MARKETS 



Special Finishes and Packing for the Export Trade 



SPINNING TAPE 
SPECIALISTS 



We lead in the manufacture 
of all kinds of spinning, twist- 
ing and spooling tapes. Our 
styles fit your requirement, 
give you the required spindle 
speed and have a long life. 
Machinery engineers recom- 
mend and advise their usage. 



Barber Mfg. Co. 



LOWELL 



Massachusetts 



Richard A. Blythe 

INCORPORATED 

308 CHESTNUT ST. 
PHILADELPHIA, PENNA. 

High Grade Carded and 

Combed Cotton Yarns 

IN ALL NUMBERS AND 
FOR ALL PURPOSES 



Representing: 

CROWN MANUFACTURING COMPANY, 

WAMSUTTA MILLS, 

ROANOKE MILLS CO., 

LEHIGH VALLEY SILK MILLS 



YARNS FOR EXPORT 



232 



Hixon Electric Co. 



HIGH GRADE 
ELECTRICAL 
CONSTRUCTION 

in all Branches per- 
formed on the basis 
of Service to the 
Consumer : : : : 



246 Summer Street, Boston 



JOHN S.JENKINS 
& COMPANY 



Cotton Factors and 
Commission Merchants 



Oflfice and Warehouses: 

FRONT ST. NORFOLK, VA. 



William H. McGee & Company 

Marine Underwriters 



15 William Street 



NEW YORK 



Cable Address: "ADORSPIRIT" 



Write COTTON INSURANCES upon most liberal terms 
Losses made payable in all parts of the world 



General Agents, Marine Depart/nents of 



St. Paul Fire & Marine Insurance Company 
Assets ^14,133,755. Reserves $8,686,995. 
Capital and Surplus $5,426,759. 

The Phoenix Insurance Company, of Hartford 
Assets $19,851,919. Reserves $9,345,506. 
Capital and Surplus $10,506,412. 



Great American Insurance Company 

Assets $30,851,022. Reserves $15,231,512. 
Capital and Surplus $15,619,509. 

Providence Washington Insurance Company 
Assets $7,421,694. Reserves $4,208,583. 
Capital and Surplus $3,213,110. 



T 


TRK 


233 

Fabrics 




CORD 


BUILDER 
LKNO 


R. 


J. Caldwell Co., Inc. 


15 PARK ROW 


NEW YORK 



W. C. Bradley Co. 

COLUMBUS, GA. 

Cotton Factors and Fertilizer 
Manufacturers 

Capital and Surplus $500,000.00 



Warehouse capacity twenty thousand 
hales with complete sprinkler system, 
and thorough protection from weather 



Liberal loans made on cotton and careful atten- 
tion given to all consignments 



Tour patronage solicited 



WM. WHITAKER 

& SONS 

Manufacturers 

Feather Tickings 
and Cotton Yarns 

Warps Skeins Shuttle Cops 

OLNEY, 
PHILADELPHIA, PA. 

CEDAR GROVE MILLS 
TREMONT MILLS 



234 



j^R^i^"®. 



Cooper & Griffin, Inc. 

Greenville, S. C. 



Cotton Merchants 



OFFICES: 

CHARLOTTE, N. C. SAVANNAH, GA. 

SPARTANBURG, S. C. TOCCOA, GA. 

GREENWOOD, S. C. TUPELO, MISS. 



235 











H. CHASSANIOL CALHOON WILSON 

Chassaniol & Company 

COTTON 

GREENWOOD MISSISSIPPI 











W. H. Withers 

ef Co. 

COTTON 

FALLS BUILDING 

Memphis Tennessee 

Handlers of the Better Kinds 
of Cotton 



Cable Address: DRAKE, MEMPHIS 

W. M. DRAKE 

& CO. 

Cotton Buyers 

Main Office: 10 North Front Street 
MEMPHIS, TENN. 



CLARKSDALE, MISS. MEMPHIS, TENN. 

GREENWOOD, MISS. 



236 

1919 

Atlantic Mutual Insurance Company 

Atlantic Building, 51 Wall Street, New York 

Insures against Marine and Inland Transportation Risk and will issue policies 
making loss payable in Europe and Oriental countries 

Chartered hy the State of New Tork in 1842 

During its existence the company has insured property 

to the value of $31,728,420,851.00 

Received premiums thereon to the extent of $319,356,442.45 

Paid losses during that period $157,034,362.32 

Issued certificates of profits to dealers .... $100,230,470.00 

Of which there have been redeemed, $94,086,050.00 

Leaving outstanding at present time, $6,144,420.00 

Interest paid on certificates amounts to . . . . $24,838,024.95 

On December 31, 1918, the assets of the company amounted to . . $16,823,491.34 

The profits of the company revert to the assured and are divided annually upon the premiums 

terminated during the year, thereby reducing the cost of insurance. 

For such dividends, certificates are issued subject to dividends of interest until ordered to be 

redeemed, in accordance with the charter. 

Cornelius Eldert, President Walter Wood Parsons, Vice-President 

Charles E. Fay, 2d Vice-President William D. Winter, 3d Vice-President 

G. Stanton Floyd-Jones, Secretary 




a\)annal) i&anfe & Cru0t Co. 

member federal savannah GEORGIA correspondence 

RESERVE SYSTEM [ INVITED 

Capita/, Surplus and Undivided Profits, $1,527,779,96 
Total Resources $12,080,959,96 

TRANSACTS A GENERAL BANKING BUSINESS 

Special facilities furnished for the handling of Accepts Drafts for the purpose of financing 

cotton accounts. - shipments for Export and Import. 

Pays special attention to accounts of Banks, Issues Letters of Credit and Travelers' Cheques. 

Bankers and Trust Companies. t-v i • a 

TT J 1 11 I • 1 r r- ■ n 1 • T- Deals m Acceptances. 
Undertakes all kmds or l^oreign Bankmg 1 rans- 

actions. Buys and Sells Foreign Exchange. 

Has close relations with Financial Institutions in Accounts of Individuals, Firms and Corpora- 

all parts of the World. tions solicited. 

Wm. F. McCauley, President M. D. Papy, Cashier 

Chas. G. Bell, Vice-President E. M. Nichols, Assistant Cashier 

Courtney Thorpe, 2yid Vice-President C. W. Coolidge, Assistant Cashier 

Cable Address : "SAVAHBANK" 



Bosson & Lane 

MANUFACTURERS 

Castor Oil Products 



^ 



Alizarine Assistant 
Turkey Red Oil 
Monoline Oil 
Oleine Oil 



Bleachers Assistant 
Bleaching Oil 
B & L Anti-Chlorine 
Bleachers Bluings 



Castor Soap Oil 
Sizing and Finishing Compounds 

Works and Office: ATLANTIC, MASS. 



2:r 

Cable Address ''ijV'!>iTH'EK" Established 1879 

M. H. Gunther 

ef Co. 

Cotton Buyers 






MEMPHIS 



TENNESSEE 



BRANCH OFFICES 

Dyersburg, Tenn. Covington, Tenn. 

Brownsville, Tenn. 

All Kinds oj Cotton for American 
Mills and Export 



Establ ished 1887 



ROBINSON BROTHERS, Inc. 

Cotton Merchants 



ANNISTON 



ALABAMA 



Shippers of North Alabama and North Georgia Cotton 



238 




PROCTOR AUTOMATIC SINGLE CONVEYOR DRYER 
FOR COTTON, WOOL, HAIR, RAGS, ETC. 




PROCTOR TRUCK YARN DRYER FOR COTTON 
YARNS, TAPES, ETC. 




PROCTOR AUTOMATIC BOARDING, DRYING AND 
STRIPPING MACHINE FOR HOSIERY 




35 Years of Service 

The Philadelphia Textile 
Machinery Co. make a specialty 
of Drying Machinery for all 
kinds of Raw and Manufac- 
tured Materials. 

We wish to have your special 
drying problems put before us. 

ThePh iladelph ia Textile 
Machinery Company 

Seventh St. and Tabor Road 
PHILADELPHIA, PA. 




PROCTOR AUTOMATIC LOOP DRYER FOR COTTON 
KNITTED MATERIALS 




PROCTOR AUTOMATIC YARN DRYER FOR COTTON 
YARNS, TAPES, ETC. 




PROCTOR AUTOMATIC THREE CONVEYOR DRYER 
FOR COTTON, WOOL, HAIR, RAGS, ETC. 



PROCTOR TENTER FRAME HOUSING AND 
CIRCULATION 



239 

The J. H. W. Steele Company 

Steamhip Agents Ship Brokers Forwarding Agents 

Offices 

NEW ORLEANS GALVESTON TEXAS CITY 

SAVANNAH SAN FRANCISCO NEW YORK 

Agents 

Cfje Steele ^teamst)tp ittne 

Freight Service from Principal United States Cotton Shipping Ports 

TO 

LIVERPOOL MANCHESTER LONDON HAVRE GENOA 

TRIESTE ANTWERP BREMEN HAMBURG 

Sailings Arranged to Other European Ports 
Agents : OSAKA SHOSEN KAISHA 

{Osaka Mercantile Steamship Company) 
Regular Sailings New Orleans to Japan and China 

FREIGHT FORWARDED TO ALL PARTS OF THE WORLD 



FRANK A. CALHOUN, President, Member New York Cotton Exchange. Associate Member Liverpool Cotton Ass'n 
VAN HOLT GARRETT, Vice-President and Treasurer GEORGE W. BOSMAN, Vice-President 

HARRY L. CHAFEE, Secretary 



GARRETT <2f CALHOUN, Inc. 

Cotton Factors and Exporters 
AUGUSTA :: GEORGIA 

Cable Address : " GARCAL " 

Branch Office - - - Opelika, Alabama 



240 



C. S. WEBB, President E. M. WELD, Vice-Pres. L. A. COTHRAN, Secty-Treas. 

Member New York Cotton Exchange Member New York Cotton Exchange 

C. S. Webb, inc. 

Cotton Merchants 

DEALERS IN SHORT AND LONG STAPLES 
Main Office: GREENVILLE, S. C. 



Correspondents: STEPHEN M. WELD & CO., New York 
WELD & CO. Liverpool 

WELD & NEVILLE Houston 

WELD & WHITE New Orleans 



Special attention given to the execution of hedges on the New York Cotton Exchange 

HEGLA FABRICS 

FoileSy OrgandieSy Poplins^ Sateens Etc. 

White, Colored, Printed and Fancy. 

SILK MIXED FABRICS. 

PETER PAN CLOTH 



HENRY GLASS & CO. 

44-46-48 White Street, - - - NEW YORK 



211 



STRAUSS £f CO. 


COTTON MERCHANTS 


AND BROKERS 


offices: sale room: 


Empire Buildings City Buildings, Old Hall Street 


LIVERPOOL, England 


Special Attention Given to 0?-(Iers for '•'■ Futures'' 


RAVENSCROFl & CO. 


Savannah, Georgia Galveston, Texas 


Cable Address: 


"Strauss" Liverpool "Strauss" Galveston "Strauss" Savannah 



W. R. Barksdale, Jr. 



Wm. S. Skipwith 



W. R. Barksdale, Jr. 
& Co. 



^ 



Producers, Buyers and Exporters of 

COTTON 

•*■ 

96 South Front Street 

Memphis, Tenn., U. S. A. 



Meacham 
Stewart & Co 



^ 



Cotton 



^ 



104 So. Front Street 
Memphis, Tennessee 



242 



Geismar & Heymann 

Cotton and Cotton Seed Products 

316 Baronne St., NEW ORLEANS, LA. 
168 Avenue Victor Hugo, PARIS, FRANCE 



Cable Address: 
"Geishey" New Orleans 
"Geishey" Paris 
Members: 
New Orleans Cotton Exchange 



Codes Used: 

Meyer's 39th Edition 
Kohl's Linter Code 
Yopps' 6th Edition 
and Private Codes 



H. S. KOHL 



R. T. REID 



H. S. KOHL & CO. 

NEW ORLEANS, LA. 

Linter Specialists 

also handling 
Cotton and Cotton Waste 

Cable Address: 

"KOHLINT" 

All Standard Codes 



PHILIP M. TUCKER 

201 Devonshire Street 



BOSTON, MASS. 



New England and Southern Textile Stocks 
New England ^Manufacturing Stocks 



T. J. FOLEY 

W. M. GARRARD 



G. A. RIVINIUS 
F. C. ROGERSON 



Foley, Rogerson & Rivinius 



COTTON 



Boston Office 
53 STATE street 



New Bedford Office 
384 ACUSHNET AVENUE 



Warwick Aiken & Co. 
Cotton 

Mississippi, Arkansas and Tennessee Cottons 

of Superior Quality for American 

Mills and Export 

68 So. Front St. '.' Memphis, Tenn. 

CABLE ADDRESS: AIKEN, MEMPHIS 



Codes: 
Meyers 39th Shepperson's '78 and 'IS 



A. B. C. 5rH Edition 



243 



Commercial Banking for the Textile Industry 

The prime functions of the Textile Banking Company, Inc. — which acts, 
exclusively, as commercial banker, or factor, for interests in the textile field — 
are to foster and facilitate sound financing among mills, converters, and other 
merchants in the industry, and to provide the requisite resources for the 
expansion of its clients' businesses. 

The broad services of our Industrial Department will prove of much value in 
the operation and expansion of American textile interests both here and abroad. 

We shall be pleased to discuss with you your particular problem relative to 
textile financing. 

Textile Banking Company, Inc. 

4th Avenue and 1 7th Street, New York 

Capital ^2,000,000 Surplus $500,000 

Inaugurated by the GUARANTY TrUST COMPANY OF NeW YoRK 
and the LIBERTY NATIONAL BANK OF NeW YoRK 



E. A. Cutts SP Bro. 

Savannah - - Georgia 



Cotton Brokers 



E. A. Cutts & Son 



Augusta 



Georgia 



THIRD 
NATIONAL BANK 

Columbus, Georgia 
Capital and Surplus $650,000 

Opposite Transfer Station 



We cheerfully and promptly reply to all 
inquiries. 



Located in Cotton and Textile section of 
Empire State of the South. 



244 



Cables: "STAMANT" 



George W. St. Amant 

141 MILK STREET 
BOSTON, MASS. 

Egyptian, China and Indian 
Cottons 

ALSO 

South America and 
TVest Indies Cottons 



B. 0. Mc Gee 

C. C. Dean 



F. A. Jones 

L. G. Jones 



McGee, Dean S? 
Jones 

Cotton 



MEMPHIS 



TENN. 



Branches: 

Providence, R. I. New Bedford, Mass. 

Gastonia, N. C. Boston, Mass. 

Liverpool, England 



JAMES L. WILSON & COMPANY 



*gr> '^ *^ 1Jr> «|J?» *^ «^ «^ f^ «|jr> «^ «gr) ♦^ ♦^ «^**C «^ «^ «|}r» ♦Jjr> «^ *Ur> «^ «|jr» ♦JJr> ♦g?* ♦gr) *gr) 






©rp #o(iti0 Commi00i(in 
jMertJ)ant0 






♦^ ♦^ ♦j}r> *^ ♦^ ♦^ «^ ♦jjf» 'B'* *B^ *^ 'i?* *C^ *B'* 'B^ 'B'* 'B* 1?* *B^ *^ *^ *8f* IJ^ 1?* 1J'* 'B'* "B^ *B^ 

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48 LEONARD STREET 
NEW YORK 



239 CHESTNUT STREET 
PHILADELPHIA 



245 



CRESPI & COMPANY 



Cotton Merchants 



WACO 



TEXAS 



Members New York Cotton Exchange 

Members New Orleans Cotton Exchange 

Members Texas Cotton Association 



Particular Attention Paid to Mill and 
Export Orders 

Brazos Bottom Cotton a Specialty 

Cable ^^^/TJj— "CRESPI" 



TELEPHONE 208 



Maas Brothers 



COTTON 



Pine Bluff, Arkansas 



SHEPPERSON'S CODE 1878 
CABLE ADDRESS "MOSSBRO" 



5eirne Gordon, President H. P. Smart, Vice-President 

Ambrose Gordon, Secretary and Treasurer 



Gordon - Smart 
Company 

COTTON FACTORS 



42 BAY STREET, east 

(next door to cotton exchange) 

SAVANNAH, GEORGIA 



246 



House Established 1870 



Jones ^ Son & Company^ Inc. 



COTTON FACTORS 



Excellent Storage Facilities 
Correspondence Invited 



OFFICE AND WAREHOUSES 

622 Front Street, Norfolk, Virginia 



21' 



T. Holt Laird & Co. 



Cotton 



Carolinas, Alabama, Georgia 
and Mississippi Cotton 



500 McADOO BUILDING 
GREENSBORO, NORTH CAROLINA 



J. B. HOLST 
COMPANY 

Cotton Merchants 



ATLANTA and COLUMBUS 
GEORGIA 



CABLE ADDRESS 

HOLST 

COLUMBUS, GEORGIA 



The Richards-Hinds 
Light Running Roll 

For SPINNING FRAMES 

Over 8^0,000 Spindles Equipped to Date 

GUARANTEED CLAIMS 



Also Our Line of 

Metallic Rolls 

Especially adapted to Cotton Carding 

Room Machinery and applied to 

the following machines: 

Silver Laps Detaching Rolls 

Ribbon Laps Railway Heads 

Comber Draw Boxes Drawing Frames 

Slubbers and Intermediate Roving 
25 to 33% more product guaranteed 
weights reduced from 33 to 50% 

All Machine Builders are Agents and will quote prices for new work 

For Other 1 7ifo venation, Prices, Circidars, etc., Write to 

The Metallic Drawing Roll Co. 

Indian Orchard Massachusetts 



No CocKLEY Yarn 
Better Spinning 
Extra Strength 
Less Waste 
Greater Production 
With Improved 
Product 



Reduced Cost of 
Spinning 

Less Change of 
Roller Settings 

One Third Saved on 

Leather-covered 

Rolls 



248 



S. W. HARRIS & CO. 



COTTON 



NORFOLK 



FIRGINU 



MEMBER NEW YORK COTTON EXCHANGE 
ASSOCIATE MEMBER LIVERPOOL COTTON ASS'N 



CABLE ADDRESS 
"HARRISCO" 



S. Y. WEST 



W. A. THOMPSON 



S. Y. West & Company 

(Successors to Crump, Brittou ^ W^est) 



Cotton Buyers and Exporters 



LITTLE ROCK 



ARKANSAS 



Branch Offices at 

NEWPORT, ARKANSAS PINE BLUFF, ARKANSAS 

EL DORADO, ARKANSAS FORT SMITH, ARKANSAS 



R. K. MASON 



E. L. MASON 



E. L. Mason & Co. 



Cotton 



Charlotte, N. C. 



Leathers, Mathewes 
& Co. 



Cotton Brokers 



SPARTANBURG 

South Carolina 



Wm. h. gray 

Pres. and Treas. 



249 



IRVING W. BEDELL 
\'ice-Pres. 



DEDHAM 
FINISHING CO. 

Dedham, Mass. 

Cotton ^ittt (S^ooDs 



New York Office: 
320 BROADWAY 

W. T. JORDAN, Jr., Agent. 



Textile 

Manufacturers 

Alliance Inc. 



^ 



1 1 Thoma s Street 
NEW YORK, N. Y. 



^ 



Exporters of 

Textile Merchandise 



250 



R. L. LEVERT 

/. imnxmct :. 

p. O. Box 722 
806 Perdido Street, NEW ORLEANS 



Spinners 



Mercerizers 



Standard Processing Co. 

CHATTANOOGA, TENNESSEE 

MERCERIZED YARNS 

Exclusive Processers of the Products of Philadelphia Office 

Coosa Mfg. Co. 719-720 Lafayette Building 

Thatcher Spinning Co. 5th and Chestnut Streets 

A. G. Thatcher, W. H. Thatcher, Sales Agents 

Gassers Bleachers 



Mowfi^rd Bros.Mffg^.Co. 

WORCESTER, MASS. 



Established 1866 




60,000 SQ. FEET FLOOR SPACE 



W OLOTWEMB for all cards 

CYLINDER FILLETS DOFFER FILLETS TOP FLATS RECLOTHED 

STRIPPER FILLETS BURNISHER FILLETS 



HAND STRIPPING CARDS. 

HEDDLES, all lengths and sizes. 



NAPPER CLOTHING for any make 

machine and any style of goods. 



Quality and Service ahvays guaranteed. 



J. M. BELEY & CO. 
Cotton £^ercl)antg 

p. O. Box 108 1 
MEMPHIS, TENN. 



Cable Address 
"BELEY" 



Cable Address "BURTON" 

S. B. mison & Co. 

Cotton £0ertl)ants( 

Extra Staples and Benders a Specialty 
MEMPHIS, TENN. 

Clarksdale, Miss. Cleveland, Miss. Greenwood, Miss. 



251 











r^^COVF.T.^WOSBORN CO. 




MILL SUPPLIES 


FALL RIVER MASSACHUSETTS 


"If it's for a Cotton Mill, we have it" 









R. K. ERWIN 
COMPANY 

Cotton Exporters and 
... Spinner"" s Agents ... 



Waxahachie 



Texas 



Members 
Texas Cotton Association 



IVilliams, Smithwick 
& Co. 



STAPLE COTTONS 



Memphis, Tenn. 
Rosedale, Miss. Clarksdale, Miss. 



252 



Geo. H. M^^Fadden & Bro. 

Cotton Merchants 

PHILADELPHIA, NEW YORK, 

121 Chestnut Street 25 Broad Street 



Importers of Egyptian and all Foreign Cottons 

Selling Agencies: 

For New England and Canada 

BOSTON - _ _ _ - 70 Kilby Street 

PROVIDENCE - - - 16 Market Square 

FALL RIVER - - - - - 202 Rock Street 

NEW BEDFORD ------- 29 North Water Street 

UTICA ------------ 252 Genesee Street 

MONTREAL ---------- 17 St. John Street 

For Southern Mills 

ATLANTA, GA. SPARTANBURG, S. C. AUGUSTA, GA. 

CHARLOTTE, N. C. GREENVILLE, S. C. ATHENS, GA. 

GREENSBORO, N. C. NORFOLK, VA. COLUMBUS, GA. 

COLUMBIA, S. C. NEW ORLEANS, LA. MACON, GA. 

Buying Agencies in: 

ALABAMA CALIFORNIA MISSISSIPPI SOUTH CAROLINA 

ARIZONA GEORGIA NORTH CAROLINA TENNESSEE 

ARKANSAS LOUISIANA OKLAHOMA TEXAS 

Foreign Correspondents: 

Frederic Zerega & Co., Liverpool 

SOCIETE dTmPORTATION ET DE COMMISSION, HaVRE 

M^Fadden & Co., S. A. I., Milan 

Reinhart & Co., Limited, Alexandria, Egypt 

Geo. H. M^Fadden & Bro.'s Agency Lima, Peru 



253 



John D. W'intkr 



Paul L. Mann 



Winter, Mann 

ef Co. 



COTTON 



Mississippi Delta Staples 



OFFICES AT 

Leland, Mississippi Indianola, Mississippi 

Greenville " Clarksdale " 

Greenwood " New Orleans, Louisiana 



Leland, Mississippi 



Wilson Glover 

Spot 
Cotton Broker 



GREENVILLE, S. C. 



Long and Short Staples 
Mill Trade a Specialty 



Bernhard, SchoUe & Company 



Investment Bonds 
Short Term Securities 
Acceptances 



LONDON 

3 Princes Street, E.C. 



NEW YORK 
14 Wall Street 



254 



George Hogan fif Company 




NORFOLK, VIRGINIA 



1826 

R. o'nEALE 



1864 

R. o'nEALE & SON 



1897 



Chas. L. O'Neale 
& Co, 



Cotton 



Spartanburg, S, C 



Long Staple and Extra Benders our Specialty 

ESTABLISHED I906 

William R. Pharr 
Cotton Co. 

Successor to PHARR BROS. & JENNINGS 

Home Office: 
MEMPHIS, TENN. 

OFFICES: 

MEMPHIS, TENN. CLARKSDALE, MISS. 

GREENWOOD, MISS. HELENA, ARK. 

MARIANNA, ARK. 



Cotton Branded 
"PHARR" 



Cable Address 
" PHARR " 



Sheppersons Codes 1878 and 81 
Mvers 39 



Zoo 



H. B. HEATH 
& CO. 



-^ 'i^!' -^S* "4^ ^ '$•'$• "^^ *5^ "^l* '^ "^ "^ "^ 






4- 



Cotton 



Charlotte, N. G 



ELLIS 
COTTON COMPANY 



ATLANTA, GA. 



Specializing in 

North Georgia Cotton 
and Spinners' require- 
ments direct. 



W. L. LUCAS 



M. PEGUES 



LUCAS & PEGUES 



CO TTON 



GREENVILLE, SOUTH CAROLINA 



256 



Southern Selling Office : 
GREENVILLE, S. C. 

J. L. BussEY, Agent 



Cable Address: 
SLOAN 



Main Office: 

310 Chestnut Street 

PHILADELPHIA, PA. 



N. P. SLOAN COMPANY 



Cotton Merchants & Exporters 



■^ -^ -^ 



Foreign Offices 


Do) 


nestic Offices 


Den Haag 




Montreal, Canada 


Havre 




Providence, R. I. 


Milan 




Fall River, Mass. 


Barcelona 




New Bedford, Mass 


Osaka 




New York, N. Y. 


Liverpool 




Greensboro, N. C. 


Cairo 




Charlotte, N. C. 



Domestic Offices 

Greenville, S. C. 
Columbia, S. C. 
Augusta, Ga. 
Atlanta, Ga. 
Memphis, Tenn. 
New Orleans, La. 
Fort Worth, Tex. 
Eldorado, Ark. 



-^ 4^ 4ir 



Our own buyers will ship direct from the interior cotton so ordered 

by Spinners, or we will make careful selections at the Ports from 

our stock concentrated there for export. 



Importers of Peruvian and Egyptian Sea Islands 



257 



WINDSOR PRINT WORKS 

86 & 88 Worth Street, NEW YORK, N. Y., U. S. A. 

MANUFACTURERS OF 

PRINTED COTTON FABRICS 

PERCALES : 

Various Grades, Printed, IVhite and Dyed Grounds 
PRINTED FLANNELETTES: 

WASH FABRICS: 

Mercerized and Un- Mercerized 

LATEST DESIGNS HIGHEST WORKMANSHIP 

Southern Cotton Oil Company 

Crushers and Refiners of Cottonseed, P eanui and other Vegetable Oils 

SNOWDRIFT 

Scoco and Kneedit vegetable shortenings 

Wesson Oil 

"77" CHOICE SALAD OIL "44" CHOICE BUTTER OIL 

"88" CHOICE WHITE OIL "22" YELLOW COOKING OIL 



Crude Mills throughout the Cotton States 
REFINERIES AND PLANTS AT 

Savannah, New Orleans, Memphis, Chicago, Bayonne 

NEW YORK CITY OFFICE AT 120 BROADWAY 



258 



T. J. PORTER & SONS 

119 South Fourth Street 

PHILADELPHIA 

Representing Direct Large Spinners of the Finer Classes of 

Cotton y IVooleriy JVorsted, Mohair and 
Linen Yarns and Threads 

LARGE STOCKS CARRIED AT ALL TIMES 

We Specialize in the Better Grades and Finer Numbers 

of Cotton Yarns 

^ ^ Representing ' =^ 



ROBERT MARSLAND & CO., Ltd. 
Manchester, England 

LINDSAY THOMPSON & CO., Ltd. 
Belfast, Ireland 



SIR TITUS SALT, BART., SONS & CO., Ltd. 
Saltaire, England 

JOHN PATON SON & CO., Ltd. 
Alloa, Scotland 



Cable Address: "Nodine" New York 

Hubbard Bros. 6? Co. 

Cotton Merchants 

Coffee Exchange Building, NEW YORK 

BRANCH OFFICES: 

35 Congress Street - - - Boston, Mass. 
38 Rock Street - - - Fall River, Mass. 
96 William Street - New Bedford, Mass. 
Chamber of Commerce Bldg., Providence, R. I. 
H. K. Reese - - . Memphis, Tenn. 



J. E. Latham, President 

Member New York Cotton Exchange 
Associate Member Liverpool Cotton Association 

C. W. Bradshaw, Vice-Pres. 

Geo. p. Roberson, Secretary 

J. L. Latham, Treasurer 



Latham-Bradshaw 
Cotton Co. 

Cotton Merchants 

Greensboro, N. C. 



AGENCIES: 
Elberton, Ga. Griffin, Ga. Norfolk, Va. 

Atlanta, Ga. Clayton, N. C. Decatur, Ala. 

ToccoA, Ga. Columbia, S. C. 



259 



GRAY-BARKLEY 
COMPANY 



Cotton 



Gastonia, N. C. 



W.M. Ray 



O, C. Steinhauser 



William Ray 

ef Co. 

Successors to George Copeland is' Co. 

Cotton fl@ercl)ant0 
anti Brokers 

25 and 26 Cotton Exchange 
NEW YORK 



Members of the New York Cotton Exchange 
and Associate Members of the Liverpool 
Cotton Association. 

Orders for Future Delivery Contracts executed 
on New York and Liverpool Cotton Exchanges 



Cotton Purchased for Spinners 



Cable Address — "Fargwick." 

P. S. Smithwick, Jr. 
& Co. 

Staple Cottons 



Main Offiice 
MEMPHIS, TENNESSEE 

Branch Office 
GREENWOOD, MISS. 



Established 1801 Incorporated 1819 

Partnership 1858 to 1896 
G. L. GiLMORE Individual Ownership Since 1896 

K. M. GILMORE 
& CO. 

Middlesex Bleach, Dye 
and Print JVorks 

SOMERVILLE, MASS. 

Bleachers^ Dyers ^ Printers and 
Finishers of 

COTTON PIECE GOODS 

Post Office, Express and Telegraphic Address: 
SOMERVILLE, MASS. Tel. 126 Somerville 

Freight Address: Boston, Mass. 

New York Office: 256 Church Street, Room 47 
Telephone 3090 Franklin 



260 



MOSSBERG 



STEEL BEAM5AND SPOOLS 




It's good business to buy Pressed 

Steel Beams, Reels, and Spools, because 

the cost of repairs and replacements 

makes wood construction the most expensive, i 

Steel is stronger and lighter than wood or cast iron. 

.\i) more split, cracked, splintered, warped, or chipped 

beam heads or reels, when you use 

MOSSBERG 

PRESSED STEEL CONSTRUCTION 

Because of the obvious superiority, mills all over the country are standardizing on 
Pressed Steel, saving money and the time wasted by frequent purchasing. 

Send for catalog of Standard Pressed Steel Beams, Reels, and Spools which 
take care of practically all winding and reeling requirements. 





FRANK MOSSBERG CO. 

ATTLEBORO, MASS.USA. 



261 



Fourth National Bank 

Macon, Georgia 



IN THE HEART OF THE COTTON PRODUCING 
AND COTTON MANUFACTURING SECTION 

Domestic and Foreign Cotton Transactions Financed 
ACCEPTANCE CREDITS BASED ON COTTON 



Capital and Surplus 



$1,000,000 



Do It Now ! 



^'If you are not buy- 
ing Waste direct, 
do it now." 



We Handle the Entire Cotton Waste Accumulation 
OF the Following Mills: 



Addison Mills Edgefield, S. C. 

The Edwin Bartlett Co., North Oxford, Mass. 



Bates Mfg. Co 
'J he Boston Mfg. Co 
r wight Mfg. Co. 
Dwight Mfg. Co 
Edwards Mfg. Co. 
Everett Mills 
Harmony Mills 
Ipswich Mills 
Ipswich Mills 
Ipswich Mil's 
Ipswich Mills 
Ipswich Mills 
Ipswich Mills 
Lancaster Mills 
The Lawton Mills Corp 
Lyman Mills 
Methuen Co. 
Newmarket Mfg. Co, 



Lewiston. Maine 

Waltham, Mass. 

Chicopee, Mass. 

Alabama City, Ala. 

Augusta, Maine 

Lawrence, Mass. 

Cohoes, N. Y. 

Ipswich, Mass. 

South Boston, Mass. 

Gloucester, Mass. 

Lowell, Mass. 

Belmont, N. H. 

Tilton, N, H. 

Clinton. Mass. 

Plainfield, Conn. 

Holyoke, Mass. 

Methuen, Mass. 

Newmarket, N. H. 



Lawrence, Mass. 

Dover, N. H. 

Columbia, S. C. 

Fitchburg, Mass. 

Lawrence, Mass. 

Burlington, Vt. 



The Nightingale-Morse Mills 

Putnam, Conn. 
Pacific Mills 
Pacific Mills 
Pacific Mills 
Parkhill Mfg. Co. 
Pemberton Co. 
Queen City Cotton Co. 

Salmon Falls Mfg. Co., Salmon Falls, N. H. 
Wm. h. Slater Mills, Inc., Jewett City, Conn. 
Suncook Mills Suncook, N. H. 

Wateree Mills Camden, S. C. 

Whittenton Mfg. Co. Taunton, Mass. 

Winnsboro Mills Winnsboro, S. C. 

York Mfg. Co. Saco. Maine 

Northern Waste C 

James. J White, Jr., President 
Offices: 620 ATLANTIC AVE., BOSTON 

warehouses: lowell, mass. 



"Ottr line embraces 
spinning stock of all 
kinds, including Cop, 
Soft Single Threads, 
Combers, Sirippings, 
Spinners, Rovijigs, 
Solid Color Cottons, 
Oily Card, Willowed 
Fly and Spinning 
Picker. We feel very 
strongly of the opinion 
thai by reason of our 
direct buying connec- 
tions we can save you 
the middle ma n's 
profit." 



'JVrite, wire or 
'phone us." 



o. 



International Cotton 
Products Company 

15th Floor Hurt Building 



ATLANTA 



GEORGIA 



branches: 

Charlotte, N. C. Memphis, Tenn. 

Philadelphia, Pa. 



specialties: 
Combers Strippings 

Spinners Soiled Cards 

Willowed Stocks 

IMPORT AND EXPORT 
Cotton, Cotton Waste, Linters 
Merchants, Contractors, Graders 

Correspondence in all languages solicited 



262 

Jacques Wolf & Company 

Manufacturing Chemists 
and Importers 

Main Office and Works: PASSAIC, N. J. 
New York Office: loo William Street 



ALL SULPHONATED 
CASTOR OILS 

FINISHING PRODUCTS 
For Cotton, Wool and 
Silk 

BENSAPOL 

For Scouring Wool 

BLEACHING OIL 
Special Product for 
Bleacheries 

BOIL-OFF OIL 

For Degumming Sdk 

MONOPOLE OIL 
Reg. Trade Mark 
No. 70991 



MORDANTS & 

CHROME COLORS 
For Fabric Printing 

TEXTILE GUM FOR 
PRINTING 

HYDROSULPHITES 

(For all purposes) 
Stripping, Discharge 
Printing, Vat Colors 
and Indigo Discharge 

ALIZARINE YELLOWS 

FAST GREEN PASTE 

CHROME BLACK 

GUMS 

Arabic, Karaya 
Tragacanth 



Western Representatives: 
United Indigo & Chemical Company, Limited 

218 West Kinzie Street, Chicago, Illinois 



Henry Chanin 
& Co., Inc. 

COTTON 
WASTE 

DEALERS 
CONTRACTORS 
IMPORTERS 
EXPORTERS 

179 Summer St. Boston, Mass. 

citizens national bank building 



E. W. PORTER 



D. S. WEAVER 



Porter, Weaver & Co. 



COTTON 



102 South Front Street 



MEMPHIS, Tennessee 



263 



MEMBER NEW YORK AND NEW ORLEANS 
COTTON EXCHANGES 



ASSOCIATE MEMBER OE LIVERPOOL 
COTTON ASSOCIATION 



Cable Address-"McCABE" 



W. Gordon McCabe & Co. 

W. GORDON McCABE, Jr. 



WILLIAM F. GRAY 



COTTON 



Agencies th?'oughout the Carolinas 

Georgia^ Alabama and 

Virginia 



Charleston, South Carolina, U. S. A. 



264 



Made in the United States of America 




York Manufacturing Co. 

Saco, Maine 



Manufacturers of standard brands of Ginghams, Shirtings 
and Flannels particularly IReti S)eal ^epl)pr0, BERWICK 
CHAMBRAY and YORK A FLANNEL. 

Various widths and grades for the Jobbing and Gar- 
ment Manufacturing trades. 

All brands registered in United States Patent Office 

Smith. Hogg S? Co. 

Selling Agents 

115-117 Worth St., NEW YORK 144 Essex St., BOSTON 

160 W. Jackson Blvd., CHICAGO 



263 




MASSACHUSETTS COTTON MILLS — Georgia Mills 

Lindale, Georgia 



Manufacturers of standard brands of Shirtings, Drills, Denims 
and Ducks; particularly "Mass" 'A' Sheeting and 'C Shirting 
Massachusetts 'D' Drills, Massachusetts Denims and Lindale 
Duck. Special attention to export trade. 



All brands registered in the United States Patent Office 



SMITH, HOGG & CO. 

Selling Agents 

115-117 Worth St., NEW YORK 144 Essex St., BOSTON 

160 W. Jackson Blvd., CHICAGO 



266 



Made in the United States of America 




MASSACHUSETTS COTTON MILLS 

Lowell, Massachusetts 



Manufacturers of standard brands of Suitings, Cheviots and Blankets 
particularly Massachusetts Suitings, Bluebell Cheviot, 
Massachusetts "Downap" Blankets, and Peggy Cloth. 
Fabrics made at this mill are especially suited to the garment 
manufacturing trade. 



All brands registered in United States Patent Office 



SMITH, HOGG & CO. 

Selling Agents 

115-117 Worth St., NEW YORK 144 Essex St., BOSTON 

160 W. Jackson Blvd., CHICAGO 



267 



Made in the United States of America 




■■iimaein* 
illlkiasessif 



liiiil^fciMiijjJiM 



1 1 " i 



f/ /A 







EVERETT MILLS 

Lawrence, Massachusetts 



Manufacturers of standard brands of Ginghams, Shirtings and Denims, 
particularly EVERETT CLASSICS, EVERETT<^^C> SHIRTING 
and EVERETT DENIMS, all favorably known the world over. 

All brands registered in United States Patent Office 

Smith. Hogg & Co. 

Selling Agents 
115-117 Worth St, NEW YORK 144 Essex St, BOSTON 

160 W. Jackson Blvd., CHICAGO 



268 







-4<, 



t- *,' t ^« !*K j^ rgrf 




^i)t ^trab 8i MilUx Co. 



MANUFACTURERS 



OF 



UPHOLSTERY GOODS AND DRAPERIES 



TAPESTRIES, SILK AND COTTON DAMASKS 

for Interior Decoration 



NEW YORK 
242 Fourth Avenue 



PHILADELPHIA 
4th and Cambria Streets 



CHICAGO 
1602 Heywood Building 



THE MURRAY COMPANY 

DALLAS, TEXAS and ATLANTA, GA., U. S. A. 



Manufacturers 

COTTON SEED OIL MILL AND 
COTTON GINNING MACHINERY 



CATALOGUES UPON REQUEST 



269 



MEMBER 

NEW ORLEANS COTTON 

EXCHANGE 



A. C. WALKER 
Cotton 

GREENVILLE, S. C. 



CODES 
SHEPPERSON'S 1878-81 



SPECIAL ATTENTION TO 
SPINNERS ORDERS 



BRANCH OFFICE 

WALKER & QUARLES 

SPARTANBURG, S. C. 



G. C. Mays, President 



J. S. BiLLiNGSLEA, Vice- President 



Georgia Cotton Company 



(Incorporated 1891) 



Buyers and Exporters 

General Office: ALBANY, GEORGIA 

Cable Address: COTTONCO 
(Albany, Georgia) 



Operating territory, Southwest Georgia and East Alabama 
Special attention given to Southern and Eastern Mill Trade 



JOHN FARNUM COMPANY 

Conestogo Tickings, Duck, Sheetings, Cheviots 
WORSTED DRESS GOODS and SPECIALTIES 

235 Chestnut Street, Philadelphia 



270 



Cotton 



SAVANNAH offers inducements to the exporter that 
cannot be excelled by any other port. In addition to 
its natural advantages — exceptional Railroad and 
Dock facilities — will be found one of the best markets 



Exporters: ."the south. 

Without the proper banking facilities, all other 
claims for its superiority would be of no avail. For this reason we invite you to either 
correspond or interview us so that we can prove our contention. 

Our institution has unexcelled equipment for the handling of export business, in- 
cluding — Ample Capital, Liberal Terms, Courteous Treatment. 

Our Foreign Exchange Service is equipped to handle bills on all European points. 

In fact, every requirement of the exporter can be cared for. 



THE CITIZENS & SOUTHERN BANK 



AUGUSTA 



CAPITAL: ONE MILLION 
SURPLUS: ONE MILLION 

SAVANNAH 



MACON 



Savage, Son & Co, 



ESTABLISHED 1878 



Cotton Factors and 
Commission Merchants 



AGRICULTURAL PLASTER 
FERTILIZERS 



Norfolk, Virginia 



T. R. BoYKiN, President A. Grimball, Secty and Tr. 



Boykin 6? Grimball 



INCORPORATED 



EXPORTERS OF 



Sea Island and Staple 
Cottons 



CHARLESTON, S. C. 

HARTSVILLE, S. C. 



Codes: 
Shepperson 1878 and 1881 
Meyer's 39th Edition 



Cable Address: 
" Grimboy' 



271 



Codes: 

M\tTS 37tli and 39th Editions 

Sluppcrson's 1878-1881 



Cable Address 
"Farmers" 



MIDDLETON & 
COMPANY 

COTTON 



SPECIAL ATTENTION GIVEN TO 
MILL ORDERS FOR BOTH EX- 
PORT AND DOMESTIC TRADE 



Short and Extra Staple 
MIDDLETON'S WHARF 

CHARLESTON, S. C. 



T. H. CRAIG 



H. H. HAYS 



T. H. CRAIG S? CO. 

Yazoo City, Miss. 



Cotton Merchants 



Extra Staples and Benders 



Branch Offices: 

CLARKSDALE, MISS. 
GREENWOOD, MISS. 
MEMPHIS, TENN. 






VSTEm 

IPPP Ttrade mark"^— ^M^ 

IMPLIFIEB^' 
Cost Accountants 



Audits 

Tax Returns 

Investigations 

Production Problems 



SYSTEMS OF POSITIVE MANAGEMENT 

FOR MANUFACTURERS JOBBERS 
AND RETAILERS 



P^tef'N'M. 



NEW YORK 



BOSTON 



BOSTON OFFICE, 79 MILK STREET 



272 



CHAS. T. MAIN 



ENGINEER 

201 DEVONSHIRE STREET 



BOSTON, MASS. 




""T? 



Nil Mi.'* , 111! :.u ' '(i^lif"/ 



DWIGHT MANUFACTURING CO., CHICOPEE, MASS. 

Years of experience in textile and power plant problems for many clients of long standing 
have given us the facilities and knowledge necessary for prompt and satisfactory 
completion of engineering projects of all sizes. 

Plans and Specifications made for erection, equipment or reorganization of textile mills. 

Steam and Electric power plants, and Hydroelectric Developments. 

Supervision of construction work, if desired by the owner. 

Reports and Valuations made on all classes of industrial property. 



Nesbitt 

CORDELE 


Cotton 

• • 
-• • 


Company 

GEORGIA 


Buyers and Shippers of GEORGIA COTTON 


■ 



27.3 



GREAT FOREIGN BANKS 
WE ARE WORKING WITH 

OUR PLAN of foreign banking service is to co-operate with the great estabHsh- 
ed banking institutions throughout the world, obtaining from them for the 
benefit of our customers those full facilities and that expert knowledge of local 
conditions which can come only with long residence and business establishment. 

WE INVITE YOU TO MAKE USE OF OUR FACILITIES FOR- 

Effecting Collections throughout the world. 



Buying and selling telegraphic transfers on 

all parts of the world. 
Issuing Letters of Credit, payable in all parts 

of the world, in Dollars and Sterling, or 

in other cu-rency when required. 
Issuing Drafts payable in any civilized 

country. 



Securing Credit Information and Reports on 
Trade Conditions in foreign countries. 

Financing Exports and Imports. 

Issuing Documentary Credits and Accept- 
ing Time Bills of Exchange. 



Bankers Trust Company 

Member Federal Reserve System 

Down Town Office: Astor Trust Office: 

16 Wall Street 5th Ave. at 42nd Street 

Co-operating with these mentioned and many other 
great established banks, we are prepared to supply the 
best existing world-zvide banking facilities: 



ALASKA 

Juneau — -B. M. Behrends 
Bank. * 

ALGERIA 

Algiers — Credit Lyonnais. 

ARGENTINE 

Buenos Aires — Banco Es- 
panol del Rio de la Plata, 
Banque Frances del Rio de 
la Plata, Banque Francaise 
et Italienne pour I'Amer- 
ique du Sud, Banque Italo- 
Belge. 

AUSTRALIA 
Adelaide \ 

Brisbane f g^nk of New 
Melbourne \ gouth Wales. 
Perth V 

Sydney } 

BELGIUM 
Brussels — Banque de Brux- 

elles. 
Antwerp — Credit Anversois. 

BRAZIL 

Rio de Janeiro — Banco Es- 
panol del Rio de la Plata, 
Banque Francaise et Ital- 
ienne pour I'Amerique du 
Sud, British Bank of South 
America, Ltd. 

CANADA 

Toronto (Onl.) — Bank of 
Nova Scotia. Bank of To- 
ronto, Imperial Bank of 
Canada, Merchants Bank 
of Canada, Standard Bank 
of Canada. 

Hamilton, Ont. — Bank of 
Hamilton. 

Vancourer (B. C.) — Bank 
of Nova Scotia, Dominion 
Bank, Imperial Bank of 
Canada, Merchants Bank 
of Canada. 

Montreal (Que.) — Bank of 
Nova Scotia, Bank of To- 
ronto, Merchants Bank of 
Canada, Imperial Bank of 
Canada. Royal Bank of 
Canada, Bank of Montreal. 

Ottawa (Onl.) — Bank of 
Nova Scotia, Merchants 
Bank of Canada, Imperial 
Bank of Canada. 

Quebec (Que.) — Bank of 
Nova Scotia. Merchants 
Bank of Canada, Imperial 
Bank of Canada. , 

Wintiipeg (Man.) — Bank of 
Nova Scotia, Bank of To- 
ronto, Dominion Bank, Mer- 
chants Bank of Canada. 



CAPE OF GOOD HOPE 

Cape Town — African Bank- 
ing Corporation. Ltd.; Na- 
tional Bank of South Af- 
rica. Ltd.; Standard Bank 
of South Africa, Ltd. 
CHILE 

Santiago — Banco de Chile. 
CHINA 

Hankow — Asia Banking 

Corporation, International 
Banking Corporation. 

Harbin — Asia Banking Cor- 
poration. 

Hongkong — Asia Banking 
Corporation. 

Peking — Asia Banking Cor- 
pora t i o n , International 
Banking Corporation. 

Shanghai — Asia Banking 
Corporation, International 
Banking Corporation, Mit- 
sui Bank, Ltd. 

CUBA 

Havana — Banco Espanol de 
la Isla de Cuba (with 
branches throughout Cuba) 
Banco Nacional de Cuba, 
N. Gelats y Ca., Mendoza 
y Ca., Trust Company of 
Cuba. 

DENMARK 

Copenhagen — Den Danske 
Landmandsbank, Private 
Bank of Copenhagen. 

EAST INDIES 

Batavia (Java) — Chartered 
Bank of India, Australia 
& China; Hongkong & 
Shanghai Banking Corpo- 
ration. 
Singapore (Straits Settle- 
ments) — Chartered Bank 
of India, Australia and 
China; Hongkong & Shang- 
hai Banking Corporation, 
International Banking Cor- 
poration. 

EGYPT 
Alexandria — National Bank 
of Egypt (with branches 
throughout Egypt). 
ENGLAND 
I^ondon — London Joint City 
& Midland Bank, Ltd. 
London County, West- 
minster & Parr's Bank, 
Ltd. 
Lloyds Bank, Ltd. 
Morgan. Grenfell & Co. 
National Provincial and 
Union Bank of England, 
Ltd. 



(With branches through- 
out England and Wales.) 
FINLAND 
Helsingsfors — Kansallis- 
Osake-Pankki. 

FRANCE 
Paris — Comptoir National 
d'Escompte de Paris. 
Credit Lyonnais, Morgan, 

Harjes & Co. 
Societe Generale. 
(With branches through- 
out France.) 

GREECE 

Athens — Banque Nationale 

de Greece (with branches 

throughout Greece) , Banque 

d'Athenes. 

HAWAII 
Honolulu — Bank of Hawaii, 
Ltd., Bank of Bishop & 
Co., Ltd. 

HOLLAND 
Atnsterdam — Amsterdam- 
sche Bank, Hope & Com- 
pany, Banque de Mendes 
Gans & Cie. 
Rotterdam — R. Mees & Zoo- 
nen. Rotterdamsche Bank- 
vereeniging. 
INDIA and BURMAH 
Bombay — Chartered Bank of 
India, Australia & China, 
Hongkong and Shanghai 
Banking Corporation, In- 
ternational Banking Cor- 
poration. 
Calcutta — Chartered Bank 
of India, Australia and 
China, Hongkong and 
Shanghai Banking Corpo- 
ration, International Bank- 
ing Corporation. 

IRELAND 
Belfast — Ulster Bank. Ltd. 
(with branches throughout 
Ireland). 
Dublin — The National Bank, 
Ltd. 

ITALY 
Genoa — Credito Italiano. 

All branches. 
Milan — Banca Commerciale 

Italiana. All branches. 
Florence — Haskard & Co., 

Ltd. 
Rome — Banca d'ltalia. 

JAPAN 
Kobe — International Bank- 
ing Corporation. Mitsui 
Bank, Ltd., Yokohama 
Specie Bank, Ltd. 
Tokio — Bank of Chosen, In- 



dustrial Bank of Japan. 
Mitsui Bank, Ltd., Yoko 
hama Specie Bank. 
Yokohama — Chartered Bank 
of India, Australia and 
China, Hongkong and 
Shanghai Banking Corpo- 
ration. International Bank- 
ing Corporation, Mitsui 
Bank, Ltd., Yokohama 
Specie Bank, Ltd. 

MEXICO 

Mexico City — Mercantile 
Banking Co., Ltd. 

NEW ZEALAND 

Wellington — Bank of New 

South Wales, Bank of 

New Zealand. 

NORWAY 
Christiania — Centralbanken 

for Norge, Den Norske 

Creditbank. 

PHILIPPINE ISLANDS 

Manila — Chartered Bank of 
India. Australia and China 
Honghong & Shanghai 
Banking Corporation, In 
ternational Banking Cor 
poration. 

PORTUGAL 

Lisbon — -Credit Franco-Por- 
tugais. 
The Bank of Portugal. 

SCOTLAND 

Edinburgh — Royal Bank of ] 
Scotland (with branches | 
throughout Scotland;, Brit- 
ish Linen Bank. 

SPAIN 

Madrid — Banco Espanol del 
Rio de la Plata (with 
branches in all principal 
cities of Spain), Credit 
Lyonnais. 

SWEDEN 

Gothenburg — Aktiebolaget 
Goteborgs Bank. 

Stockhfjlm — Aktiebolaget 
Goteborgs Bank. 

SWITZERLAND 

Zurich — Credit Suisse (with 
branches in all principal 
cities of Switzerland). So- 
ciete de Banque Suisse. 
URUGUAY 

Montevideo — Banco Es- 
panol del Rio de la Plata, 
Banco Frances del Rio de 
la Plata, Banque Italo- 
Belge. 



p' ,-!^ 51 r« '.n 

rr rs sm '^ ^^ 

rn riE '"^ ^^ ^^ 

If? rr sr r^ n.' 

rfFsr«^rrr 
rr rr nr r \r 

rr rr rr »s it 

rfrfESSESK 



W^^MM^Im^ 



rpOIlwJiLL' 



\iMk\ 



i-ifii- 



274 



Converse Stanton ^ Co. 



Dry Goods Commission Merchants 



No. 62 Franklin St. Boston 



Nos. 83 S3 85 Worth St., New Tori 



"A Dependable Ally 

for the cotton trade^' is the 
reputation we aim to maintain. 

Our Foreign Department is con- 
ducted on the most serviceable lines 
to the cotton interests. And our 
large resources enable us to extend 
the full measure of co-operation. 
For example, over 60% of the cotton 
cleared thru the Memphis market 
last season, of an approximate value 
of $80,000,000, was handled by this 
bank. 

Friendly, constructive aid is the 
basis on which we hold old friends 
and attract new ones. 

UNION & PLANTERS BANK 

& TRUST COMPANY 
Memphis :: Tennessee 

(Member Federal Reserve System) 
Organized 1869 Resources over $30,000,000 



G. T. HOWARD 



Cotton 
Controller 



LIVERPOOL 



G. E. SPINNLER 



R. HAFNER 



Spinnler & Co. 

Cotton i¥lerci)ants 
anU Cj^porters 



Head Office 
AUSTIN :: TEXAS 



GREENVILLE, TEXAS 
NEW ORLEANS, LA. 



T. E. STAVELY 
GEO. STAVELY 



275 



AUG. W. WEINERT 
C. P. LANE 



T. E. Stavely & Co. 



7<N?S?77^7VS?7^77^S?77 



7 
%> 
V 
V 
%> 
%> 



Cotton 
(E^porter0 



7 
^ 
7 
7 
%> 
^ 



Cotton Exchange Building 

Dallas, Texas 



Rankine & Nicholson 
Liverpool 



WILD & ORME 



Cotton Ciporters 



PARIS 



TEXAS 



MEMBERS 

Texas Cotton Association 



276 



MEMBERS OF 

Savannah Cotton Exchange 
New York Cotton Exchange 
New Orleans Cotton Exchange 

Associate Members of 
Liverpool Cotton Association 



codes: 
Meyer's Atlantic, 37th Edition 
Meyer's Atlantic, 39th Edition 
Meyer's Atlantic, 40th Edition 
Shepperson's Standard 1881 
Shepperson's Telegraphic 1878 
Our Own Private Code 



Cable Address: "ESPY" Savannah 

Espy Cotton Company 



North Georgia and Alabama Cotton 
a Specialty 



Savannah 






Georgia 



ESTABLISHED 1896 



H. L. ZIEGLER 

Ocean Freight Broker 

FORWARDING AGENT SHIPPERS' AGENT 

GALVESTON, TEXAS 



Rates quoted and freight room secured 

on every steamer sailing 

from Galveston. 

Bills of Lading exchanged. 

Every facility afforded for the forwarding 
of shipments. 



Correspondence Solicited 



ZIEGLER'S PRIVATE 1913 TELEGRAPHIC FREIGHT 
CODE USED. SEND FOR IT. 



WHITAKER 
SCHMID S?CO. 

Cotton Merchants 
and Exporters 



WACO 



TEXAS 



All Shipments Receive Our 
Personal Attention 



Codes : 

Meyers 39, Shep. 78-81 



Cable Address: 
" Whitsmid ' 



TV. R, Luckett & Co, 
Cotton ^bipperg 

Head Office: MEMPHIS, TENN. 

Branches at 
Vicksburg, Miss., and New Orleans 



JOS. J. HERRMANN 



ALHKRT J. WOI.F 



Herrmann 61 IKoIf 

Cotton Merchants 

215 Varieties Place, NEW ORLEANS 

Members: 

New Orleans Cotton Exchange 

New York Cotton Exchange 

New Orleans Cotton Future Broker's Ass'n 



Cable Address ; 
"HERWOLF" 



Long Distance Phone 
Main 1 176 



CABLE ADDRESS 
SILCOX 






SHEPPERSON 1878-1881 
MEYERS 39th EDITION 


James 


H. 


Silcox 


& 


Co. 






C TT N 








EXTRA STAPLES A SPECIALTY 


Darlington, 


South 


Branch Offices: 
Carolina and Bishopville, 


s. c. 


Char 


e s t n 




:: South 


Carolina 



S. Sgitcovich ^ Co. 



^teamgbip agents 



Galveston 



Texas 



JOHN P. MARSTON CO. 

IMPORTERS 

Gum Tragasol Bleaching Assistant 
Bleachers Blue Egyptian Tint 



247 Atlantic Avenue, BOSTON 



Telephone 
Connection 



Cable 
"AMPLIUS" 



278 



THEO MARCUS & CO, 



Cotton C^portetjS 



T>ALLAS TEXAS 



STEPFART BROS, COTTON 

COMPANT 




tapte a g>petialtp 



NEW ORLEANS, LA., U.S.A. 



CABLE ADDRESS: STEWBROS 



279 



OIL STAINS ON GOODS ARE 

NOT A NECESSARY EVIL 

The constant dripping and spattering of oil from 
bearings can be avoided by the use of 



TRADE MARK (^'^-jps|| 



REGISTERED IN 



NON-WiDOIL 



UNITED STATES 4^ ^^S PATENT OFFICE 

It is as fine a lubricant as the highest grade liquid oil and can be applied in the same way, but it 
DOES NOT DRIP. 

Every particle of NON-FLUID OIL is used up in reducing friction. None spatters ofF bearings on to 
the goods being made — a saving of lubricant; an increase ol output. In this age of strenuous competi- 
tion and modern methods, a mill that clings to the old fluid oil style of lubrication wilfully handicaps itself. 

NON-FLUID OIL has displaced liquid oil at hundreds of mills. There is a grade suitable for 
every service. 

Write for valuable treatise, " Lubrication of Textile Machinery." 

Do not confuse NON-FLUID OIL with cheap substitutes made by thinning down cup greases with 
spindle oils. Every package of the genuine bears the above trade-mark. 

NEW YORK & NEW JERSEY LUBRICANT COMPANY 
165 BROADWAY, NEW YORK 

Warehouses at Charlotte, N. C, Atlanta, Ga., and Dallas, Texas. 



RUCKER & COMPANY 

Cotton Merchants 

GREENSBORO, NORTH CAROLINA 

Members of 
New York Cotton Exchange New Orleans Cotton Exchange 

Cable Address "RUCKO" 



280 




in thelextile Industries 



EVER since Slater introduced machine methods in the New England Tex- 
tile Industry, textile mill managers have been quick to appreciate new ideas 
that would increase production, and lower costs. Machines and processes have 
been perfected, until they leave little to be desired in the way of economy. 

But, with this modem, high-speed machinery, the carrying of raw materials and 
finished products, in and out of the mill and betw^een operations, is too often per- 
formed in the same w^ay as in Slater's time. Boys and girls, and other unskilled 
laborers, are still employed to convey the materials, on w^hich the production of 
automatic machines depends. 

Lamson Conveyors are doing for the carrying and handling of products in the mill what modern 
machinery has done for the manufacturing processes. They are putting the moving of materials 
on the same footing as the manufacturing processes — on quantity production basis. Conveyors 
link up the manufacturing processes into one complete unit, carrying slubber, roving and spin- 
ning bobbins, spools, warp beams, and all the other forms of partly converted textile material 
between machines and processes. 

Conveyors are one of the first things to be considered in the planning of a new plant. They en- 
able departments to be located for the greatest economy in carrying raw materials and finished 
products between operations. 

Conveyors make old plants as economical as new mills — they link up scattered departments, 
and carry materials and products in a steady stream between buildings which may be a con- 
siderable distance apart. They give the same manufacturing efficiency as rebuilding, at a frac- 
tion of the cost. Lamson Conveyors make the same savings in all branches of the textile industry — 
in yarn, cloth and finishing mills, in cotton, v^^ool and silk mills, in knitting and hosiery mills. 

Investigate what Lamson Conveyors are doing in the Textile Industry — how they are revolu- 
tionizing Textile Mill planning, design, and operation. Let us show you how Lamson Conveyors 
will help you increase your production and lower your costs in the face of increasing prices and 
wages. There is no obligation involved. 

The Lamson Company 

100 BOYLSTON ST.. BOSTON. MASS. 



BRANCHES EVERYWHERE 



[ ^ rii j]jijM]]M i i i iii i i i Mjij iii iJ i ]i il MM liii u i llM l L l liiJJillllJMll]|| | |MMNIIII II IIMI I I II I IIII [in il N lill l llli n ill l ll M II IM Ii ni l ll ll MMIHM i nH II M II MI III H I Mrlni ] r ill i ll l ll |.MLllllllllMHiiii]ii;iM]iiiiui^ 



281 



ESTABLISHED 1865 



M. LEVY & SONS 

Cotton Factors and Commission 

Merchants 

NEW ORLEANS LOUISIANA 



Cable Address: 

"KINGBRON" 




Codes: 

Meyer's Atlantic, 39TH 

shepperson's 1878 & 1881 


King, 


, Brown 

Incorporated 


e?Co. 




COTTON 


NEW ORLEANS 




LOUISIANA 



282 




^^ V^ 



:&<i- -^s*." 



TERMINAL WAREHOUSE COMPANY OF RHODE ISLAND, SNC. 



William M. Harris, Jr., Treasurer aiid General Manager 



W. C. MacDonald, Superintendent 



JVe Specialize in STORAGE OF COTTON 

NEW AND MODERN WAREHOUSES and WHARF— PRESENT CAPACITY 80,000 BALES 
Plant conceded by our customers ideal as a point of Distribution for all New England, Canada, and Export. 
Location on Providence River Deepwater, Sidetrack Capacity 75 Cars. 
10 Hours to New York via Express Steamers. Insurance Rate 25 cents per $100.00. 
Weighing, Sampling, Remarking, Forwarding, etc., by our experienced force permanently employed. 

TERMINAL WAREHOUSE COMPANY of R. I., Inc. 



Shipping Directions by Rail: South Providence, R. I. 



Mail Address: Providence, R. I., P. O. Box 1253 



Van Leer & Co. 

PHILADELPHIA 

PENNA. 



American 



Cotton ^"™^" 



Members New York Cotton Exchange 

All Grades and Staples for 
Spinners' Requirements 

Canadian Office: HAMILTON, ONTARIO 



Holland - America Line 

NEW YORK — ROTTERDAM I;i2:::::-1--S'- 




TRIPLE-SCREW S. S. STATENDAM 
30,000 Tons Register; 45,000 Tons Displacement (building) 

rwin-Screw ROTTERDAM NOORDAM 

Steamers NEW AMSTERDAM, RYNDAM 

The embodiment of Comfort, Luxury and Safety for 
Travelers to Europe 

Freight Services between New York, Baltimore, Norfolk, New- 
port News, New Orleans, Boston, Philadelphia, 
Savannah and Rotterdam 

HOLLAND-AMERICA LINE 

24 STATE STREET, NEW YORK 



2h:\ 



John P. Farnsworth, President Charles A. Hoppin, Treasurer George W. Ronne, Secretary 

John P. Farnsworth, Jr., Assistant Treasurer 



Providence Dyeing, Bleaching 
and Calendering Co. 

52 Valley Street Providence, R. I. 

Established 1814 



Bleachers and Finishers of 
COTTON PIECE GOODS 

Mercerizing of Fine Cotton Goods a Specialty 

We Finish more Fine Nainsooks in White and Tinted 
Shades than any other Bleachery in the United States 

Lawns, India Linons, Curtain Muslin 
and Scrim, Marquisettes 

Surgical Gauzes j Flower and Handkerchief Finishes 



284 



Blackstone 
Mutual Fire Insurance Company 

(incorporated 1868) 

Grosvenor Building, Providence, R. I. 

WILLIAM B. MoBEE, President 

Directorate of Manufactures ManaSoment in intereEt of Policyholders 

Member "Ne^v England Factory Mntuals"^ 



Insurance for first-class protected manufacturing properties and their contents under the mutual plan 

at lowest actual cost against 

Fire, Sprinkler Leakage, Windstorm, Use and Occupancy Loss 

Liberal Policy Contract Prompt and Equitable Adjustment of Losses 

Service to members 

Expert Inspection and Reports — Fire Protection Engineering — Appraisals 
Examination of Fire Protective Appliances 

THE INSURANCE OF MANY PROMrNENT TEXTILE AND FINISHING WORKS IN UNITED STATES AND CANADA IS PLACED THROUGH THIS COMPANY, 

INQUIRY WELCOMED AND INVOLVES NO OBLIGATION. 



EMBURY cS^ MAURY 



COTTON BUYERS 



RIVERS AND BENDERS A SPECIALTY 



MEMPHIS, TENN. 



FRANK I. BAKER 

Cotton 



53 STATE STREET 

BOSTON, MASSACHUSETTS 



ESTABLISHED 1887 INCORPORATED I906 

Robert Carruthers Co. 

Samuel B. Slack, Proprietor and Manager 
MANUFACTURERS OF 

Reeds and Loom Harness for Weaving Silk,, 
Cotton, Woolens and Carpets 

WIRE AND HAIR CLOTH REEDS AND 
SLASHER COMBS 



HALE STREET 



LOWELL, MASS. 



283 



(( 



HURRICANE" DRYERS 




ALIUMAIIC RAW STOCK DRYER 




AUTOMATIC YARN DRYER 



For Practically Every 
Textile Material 

Safe Firep7^oof Economical 

The "Hurricane" Line includes; Automatic 
Stock Dryers, Single and Multiple Apron 
Types for Wool, Cotton, Linters, Hair, 
Flax and Rags. 

Automatic Yarn Dryers for Cotton, Wor- 
sted, Jute, Silk and Artificial Silk Yarn. 

Truck Dryers for Yarn dyed in the skein 
or on the cone. 

Automatic Yarn Drying and Conditioning 
Machines for all kinds of yarn. 

Automatic Looping and Drying Machines 
for Underwear, Turkish Toweling, _Silk 
Piece Goods, Plushes, etc. 

Automatic Dryers and Carbonizers for 
Raw Stocks, Rags and Piece Goods. 

Hosiery Dryers. — Automatic and Drawer 
Types. 

Automatic and Truck Dryers for Dyes 
and Chemicals, Liks, etc. 

Machines are built in many standard 
sizes and styles, or we will build special 
machines to suit unusual requirements. 

Send for Illustrated Catalogs 
Complete Equipment for 

BLEACHING DYEING 

DRYING 

Stock Yarn Hosiery 
Toweling Underwear 

Stock — Dyeing, Bleaching, Carbon- 
izing and Drying. 

Yarn — Scouring, Dyeing, Bleaching 
and Drying. 

Toweling ) Complete Plants for 

Underwear \ r.P^V^^' . r. ■ 

) Bleaching and Drymg. 

^ Dyeing, Bleaching,Oxidizing 
Hosiery ? Chroming, Singeing and 
' Pressing 
AUTOMATIC DRYER AND cARBONizER FOR CLOTH, COMPLETE WITH ACID TANK Presses — Power Screw and HydrauHc 

THE PHILADELPHIA DRYING MACHINERY CO. 




AUTOMATIC YARN DRYING AND CONDITIONING MACHINE 




Main Office and Works: 
Stokley Street above Westmorelan 



^ Philadelphia, Pa. 



Boston Office: 
53 State Street 



286 



Cable Address: Pajones, Mobile 
All Leading Codes Used 



Page & Jones 



,. '^':£^'' 



Ship Brokers, Steamship Agents and 
Forwarding Agents 

Mobile, Ala., U. S. A. 



Memphis Agent 

M. G. BUCKINGHAM 

1014 Exchange Building 
MEMPHIS, TENN. 



Regular Monthly Service, United States Shipping Board Steamers, 

Mobile to Antwerp and Havre 



28' 



Let a '' Cotton '' Bank 
handle your cotton business 

The officers of this bank have tor years made a 
special study of the financing of cotton. They are un- 
usually well posted and have a thorough knowledge of 
the handling ot cotton from its planting to its export 
shipment, also a thorough knowledge of the needs of 
all who handle cotton. As a natural result, this is the 
largest cotton financing bank in the state. 

Send us your business and it will be promptly and 
properly cared for. 

American Bank of Commerce & Trust Co. 

" The bank that takes care of its customers " 



Capital and Surplus, $900,000.00 



Little Rock, Arkansas 



W. T RANKIN 



President and Treasurer 



Osceola and 
Hanover Mills 



Specialize in High-Grade Combed 

Peeler Yarns, Straight and 

Reversed Twists, from 

30s to 60s 



Gastonia, N. C. 



BELTON MILLS 



BELTON, SOUTH CAROLINA, U.S.A. 



TWO MILLS 



Wide Bed Sheets, Twills and 

Shirtings for Export and 

Home Trade 



288 



Established 1878 



Member 
N. Y. Cotton Exchange 
N. O. Cotton Exchange 



Associate Member 
Liverpool Cotton Association 



WEIL BROS 



MONTGOMERY, ALA. 



SAVANNAH, GA. 
ATHENS, GA. 
WINDER, GA. 
TOCCOA, GA. 
MONTEZUMA, GA. 
AUGUSTA, GA. 
COLUMBUS, GA. 
AMERICUS, GA. 
EUFAULA, ALA. 
GREENVILLE, ALA. 



NEW YORK 
42 Cotton Exchange 

NEW ORLEANS 
311 Hicks Building 

LIVERPOOL, ENGLAND 

Orleans House 

GREENVILLE, S. C. 

Conyers Bldg. 



OPELIKA, ALA. 
DEMOPOLIS, ALA. 
SELMA, ALA. 
MOBILE, ALA. 
DOTHAN, ALA. 
TUPELO, MISS. 
AMORY, MISS. 
ABERDEEN, MISS. 
NEW ALBANY, MISS. 
JACKSON, TENN. 



WEIL BROS. 

42 COTTON EXCHANGE, NEW YORK 

Orders Executed for Future Delivery 



289 



1 


Pf e are manufacturing the following dyestuffs which are 


of particular interest 


to dyers of Cotton : 




CHRYSOPHENINE DIRECT YELLOW CF 


DIRECT PINK Y 


DIRECT YELLOW 2G DIRECT BLUE 2B CONC. 


DIRECT ROSE B 


DIRECT ORANGE R DIRECT FAST SCARLET A 


BISMARCK BROWN 


DIRECT ORANGE 2RE DIRECT FAST SCARLET B 


SULPHUR MAROON 


ESSEX ANILINE WORKS 


• , Inc. 


39 OLIVER STREET, BOSTON, MASS. 




WORKS AT 


NEW YORK OFFICE 


SOUTH MIDDLETON, MASS. I50 NASSAU STREET, NEW YORK, N. Y. 





Emmons Loom Harness Company 

LAWRENCE, MASS. 

THE LARGEST MANUFACTURERS OF LOOM HARNESS AND REEDS IN AMERICA 

LOOM HARNESS AND REEDS 




COTTON HARNESS for all kinds of Plain and Fancy Weaves in Cotton and Silk Goods. 

MAIL HARNESS for Cotton Duck, Worsted, Silk and Woolen Goods. 

SELVEDGE HARNESS, any depth up to 25 inches, for Weaving Tape Selvedges. 

REEDS for Cotton, Woolen, Silk and Duck. 

Slasher and Striking Combs, Warper and Leice Reeds Beamer and Dresser Hecks. 

Mending Eyes, Jacquard Heddles. 



ROBERT MOORE & CO. 



5 BROAD ST. (Mills Building) 
NEW YORK 



MEMBERS 
NEW YORK COTTON EXCHANGE 



COTTON MERCHANTS 



290 



State Charter 
1S34 



National Charter 
1872 



Cotton Credits 

A SPECIALTY 

INVESTMENT SECURITIES 
COMMERCIAL PAPER 



Capital and Surplus, $1,000,000.00 
Resources (over) $12,000,000.00 

Correspondence Invited 



Bank of Charleston 

NATIONAL BANKING ASSOCIATION 

CHARLESTON, S. C. 



A. Franklin Pugh 



J. Clifford Lyons 



PUGH-LYONS 
SfCO. 

Cotton Merchants 



Special attention given to orders from 
Mills. Staple cotton, low grades, high 
grade hosiery cotton. 



Office: 826 Perdido Street 

New Orleans Louisiana 



EXPORTERS and CONVERTERS 



Cotton Goods 



Capital 



$2,000,000.00 



Established 1893 



Everett, Heaney & Company, Inc. 



498-504 Broadway 



NEW YORK, U. S. A. 



291 




John S. Boyd Company 

101 TVater Street^ JVilliamstown^ Mass, 

Sales Office: 105 Madison Ave., New York City 



MANUFACTURERS, DYERS AND FINISHERS OF 



CORDUROY 



VELVETS and FUSTIANS 



Our goods are sold to Women's wear and 

Men's wear trade 



292 




FOREIGN countries are buying textiles here. Export 
sales are brisk. Our years of experience and wide 
acquaintance in export markets have secured much of this 
business for the mills we serve. 



NASHUA MFG. CO. 
LANCASTER MILLS 
SAMUEL A. CROZER & SON 
B. B. & R. KNIGHT, Inc. 
NOCKEGE MILLS 



DURHAM HOSIERY MILLS QUINEBAUG CO. 
LA TOSCA KNITTING CO. INDIAN HEAD MILLS of Alabama 
PARKHILL MFG. CO. WAUREGAN CO. 

JACKSON MILLS P. H. HANES KNITTING CO. 

LOWE MFG. CO. NORWICH KNITTING CO. 



We market the Cotton Goods, Underwear and Hosiery products of the 
above mills under their own tickets ; this policy is producing a large re- 
order business. Our unusual facilities for handling goods for Export 
are at your service. Correspondence invited. 



xryory, Drowi^e 8 



C. 



BOSTON 



NEW YORK 



Established 1833 

LONDON 



MANCHESTER 



PARIS 



G. A. Gordon, President 
E. W. Rosenthal, Secretary 



Carl Espy, Vice-President 
W. F. Clarke, Treasurer 
R. D. Ernst, Superintendent 



Savannah Warehouse and 
Compress Company 

SAVANNAH GEORGIA 

COTTON COMPRESSING AND STORAGE 

Storage Capacity 200,000 Bales 



MINIMUM INSURANCE RATES 



293 



Walter L. Parker Co. 

Bobbins 

Spools 

Skewers 

OF EVERY DESCRIPTION 
FOR 

Cotton and JVoolen Mills 



731 Dutton Street 



Lowell 



Mass. 



Neii) Mill Equipment a Specialty 











Is to communicate with ^< 

Edward Rose Go. 

184 Summer Street 

Boston - Mass. 




Cotton Waste 

For the 

Spinning, Felt and 
Bedding Trades 








1 



QUALITY I^Ts^??^"^ TRAVELERS 



OF EVERY DESCRIPTION 



(U. S. Standard) 



U. S. MEANS QUALITY 



'T^HE finest tempered and most durable travelers that 
^ skilled workmanship and latest improved machinery 
can make, are our product. Uniform temper ensures even 
running, while poor tempering means broken travelers and 
cut threads. Our shipments vary not the slightest either 
in weight or quality from our samples. :: :: :: 



OUR SPECIALTIES 

THE BOWEN-WILSON ROUND POINTED TRAVELER 
THE BOWEN SQUARE POINTED TRAVELER 
THE BOWEN SUPERIOR BRONZE TWISTERS 




U. S. Ring Traveler Co. 

AMOS M. BOWEN, Treasurer 

159 ABORN STREET : PROVIDENCE, R. I. 

No Connection with any other Ring Traveler Co. 
Southern Representative: Wm. P. Vaughan, Box 792, Greenville, S. C. 




294 



'FINEST ALL-YEAR HOTEL IN THE SOUTH" 




IS^fft §:U €f)KVlt^ 



NEW ORLEANS 



.^,,ja W.^^.. £*fiii, 



ALFRED S. AMER & CO., Ltd. 

PROPRIETORS 



The 
John F. Trainor Co. 

Cotton Yarns 



DOMESTIC 



EXPORT 



291 BROADWAY 

NEW YORK 



Wm. E. Hooper & 
Sons Co. 

Woodberry, Baltimore, Md., U.S.A. 

Hooperwood Mills 

320 Broadway NEW YORK, N. Y. 

General Selling Office 
HOOPER SONS MFG. CO. 

Juniper and Cherry Streets, Philadelphia, Pa. 

HOOPERWOOD BRAND 
COTTON DUCK 

Sail and Wide 

Paper Dryers, Oil Press Duck, Special 
Fabrics for Filtering Purposes, Webbing 
and Narrow Fabrics. 

Cotton Yarn, Rope, Twine, Sash Cord, 
Tarpaulins, Canvas Mail Sacks, Coal 
Bags, every kind of Canvas Bags and 
Covers. 

Attention Given to Export Requirements 



295 



Texas City Compress and 
Concentration Company 

OPERATING THREE WEBB HIGH DENSITY 
COMPRESSES, ON WATER FRONT, WITH 
PRESSING CAPACITY OF 3000 BALES PER DAY 



/^OTTON can be pressed to high density 
^^ at Texas City on Through Bill of Lading, 
from any point in Texas, Oklahoma or Arkan- 
sas, to final destination at any Foreign port. 

Texas City is situated on main land, six miles 
from Galveston, and has a landlocked harbor, 
with thirty feet of water at the docks. The 
ship channel is maintained by the United States 
Government. Our Compresses are above tidal 
waves. We can compress 500,000 bales of 
cotton to high density, annually. 



We will appreciate your business. 



Texas City Compress and Concentration 

Company 

A. J. DOSSETT, President and General Manager J. B. ORMOND, Superintendent 

Waco, Texas Texas City, Texas 



296 



Deering^ Milliken & Co 

79-83 Leonard St., New York 

Selling Agents for Cotton Mills 

Brown and Bleached Cotton Fabrics 



Drills, Print Cloths, Sheetings, Lawns, Voiles, Sheets, 

Pillow Cases and Tubings, Printed Shirtings, 

Dress Goods and Draperies 



Bradford D. Davol, President Robert N. Hathaway, Treasurer 

Union Belt Company 

Incorporated 1871 FALL RIVER, MASS. 



Manufacturers of 
OAK TANNED LEATHER BELTING 
LEATHER LOOM STRAPS 
LEATHER LOOM PICKERS and 
COVERERS of TOP ROLLS for TEXTILE MILLS 



297 



CORRESPONDENCE INVITED 

JVe invite correspondence on Stock Market conunitments and all 
investment subjects. Frequent analytical reports issued and mailed 
gratis. Special weekly Cotton letter and Grain review upon request 

E. W. WAGNER & CO. 

MEMBERS 

NEW YORK STOCK EXCHANGE CLEVELAND STOCK EXCHANGE 

NEW YORK COTTON EXCHANGE NEW ORLEANS COTTON EXCHANGE 

NEW YORK PRODUCE EXCHANGE CHICAGO BOARD OF TRADE 

N. Y. COFFEE & SUGAR EXCHANGE CHICAGO STOCK EXCHANGE 

MINNEAPOLIS CHAMBER OF COMMERCE ST. LOUIS MERCHANTS EXCHANGE 

MILWAUKEE CHAMBER OF COMMERCE 

ESTABLISHED 1887 
33 New Street, New York 208 So. La Salle St., Chicago 



HOWEL COTTON COMPANY 
OF BIRMINGHAM 



JNO. W. WADE, President 



BIRMINGHAM ALABAMA 



298 




DAN RIVER DIVISION 

RIVERSIDE & DAN RIVER 
COTTON MILLS, Inc. 

Danville, Virginia 

New York Salesrooms: 56 V^ORTH STREET 

ROOMS 19-20-21 



Riverside 27-inch Plaids 
Danville 25-inch Plaids 
Riverside 28-inch Cheviots 
Dan River Dress Ginghams. 



Security 32-inch Shirtings 
Defiance 28-inch Chambrays 
Golden Rule 28-inch Chambrays 
Ideal 28-inch Chambrays 



DAN RIVER SHEETINGS BLEACHED AND BROWN 
DAN RIVER SHEETS AND PILLOW CASES 



2<)<) 



E. P. WALKER 



F. B. HAWLEY 



E. P.Walker & Co. 



COTTON 



FOR SPINNERS 



82 Wall St. 



New York 



W. T. 
PRIESTLEY 

efco. 



COTTON 



YAZOO, CITY. MISS. 



Hunts ville 
Warehouse Co. 

T. W. Pr.\tt, President W. A. St.\nley, Manager 

llllllllllllllllllllllllllllllllllllllll 

GiNNERS, Cotton Seed 
Oil Mill, Fertilizer 
Factory, Sweet Feed, 
Public Cotton Storage 



Huntsville, Alabama 



A. H. FRANK 
CO. 



^ 



COTTON 



* 



I 3 I South Front Street 
MEMPHIS TENNESSEE 



300 



Easley Cotton Mills, No. 1 

EASLEY, SOUTH CAROLINA 

Easley Cotton Mills, No. 2 

LIBERTY, SOUTH CAROLINA 

Easley Cotton Mills, No. 3 

LIBERTY, SOUTH CAROLINA 

Sheetings, print cloths and carded lawns 

Agents, WOODWARD, BALDWIN &> CO., New York 

WELLINGTON, SEARS ^ CO,, 

New York and Boston 

Alice Mills, SOUTH CAROLINA 

Print cloths, plain and corded 

Agents, JAMES E. REYNOLDS &f CO., New York 



TnHvinn Mill^ GREENVILLE 
JUGSOn IVllllS, SOUTH CAROLINA 

Fine and fancy combed cotton and silk-mixed 
dress fabrics 

Agents, HUNTER MFG. ^ COMMISSION CO., 

New York 



301 



P. A. Malone 



Cable Address "MALKES" 
Established 1900 



S. R. Keesler 



MALONE & KEESLER 

Greenwood, Mississippi 

COTTON MERCHANTS 



Long Staples and Extra Benders a Specialty 



Memphis, Tenn. 



BRANCH OFFICES 

Hope, Ark. Indianola, Miss. 

Ruleville, Miss. 



Itta Bena, Miss. 



Gordon & Company 

Successors to W. W. Gordon & Co. 
ESTABLISHED 1856 



HANDLERS OF ALL KINDS OF 



Cotton 



Special attention given to Upland, 
Staple and Sea Island Cotton, 
upon which liberal cash advances 
are made. 



SAVANNAH 



GEORGIA 



Riverside Mills 

AUGUSTA 

GEORG I A 
Contractors for Mill Waste 

MANUFACTURERS OF 

Machined JVaste for JViping 
Purposes and Packing 

Soft Stock for Respinning 

Jute Bagging for 

Covering Cotton 



302 



NEtF YORK BOSTON 

72 Leonard Street 188 Summer Street 



CHAS J. WEBB & 
COMPANY 



Cotton Yarns 



Main Office 
PHILADELPHIA 



CHICAGO YORK, S. C. 

Insurance Exchange Bldg, First Nat. Bank Bldg. 



•MY.] 



Cable Address: "BARN" 



BARNWELL BROS. 



Maifi OJJice: Greenwood, Miss. Branch: Clarksdale, Miss. 



Cotton ^J)ipper0 anb (Exporter© 



Selecting Benders and 
Staples a Specialty 



We cover the entire 
Mississippi Delta 



HAZARD 
COTTON 
COMPANY 

Cotton Merchants 

PROVIDENCE 

Rhod e Island 



Selling Agencies 
Boston New Bedford Fall River 

Domestic and Foreign Cottons 

Cable Address, "Jeffrey, Providence" 



SOMETHING ABOUT 

John Hope & Sons Engraving 
and Manufacturing Co, 

1 Mashapaug Street, PROVIDENCE, R. I. 

IN 1810 the House of Hope was founded in Manchester 
England, and the present concern, established in the City 
of Providence, in 1847, in the old Durfee Mills at the 
corner of Cranston and Dexter Streets, which is now the site 
of the new armory, is a continuation. 

For over a century the present concern, with its prede- 
cessors, has been devoted to textile engraving, and for over 
half a century to the development of engraving machinery 
for various uses, particularly for the finer branches of steel and 
copper plate engraving, and precision graduating machines. 

It has equipped, to the exclusion of all others, all the calico 
print works throughout the United States and Canada, and 
some in Europe, with its Pantograph Engraving Machines 
(patented), for engraving copper cylinders for the printing of 
all grades of textiles. 

THE LINE OF MACHINES we manufacture for various 
uses are as follows: 

PANTOGRAPH ENGRAVING MACHINES for engrav- 
ing copper cylinders for printing all grades of textiles. These 
machines include the latest improvements for producing the 
highest grade of work in the most economical way. 

WE MANUFACTURE the complete equipment, covering 
every operation in the engraving of copper and steel cylinders, 
for printing and finishing all grades of textiles. 

AUTOMATIC GRINDING MACHINES especially 
adapted for grinding and polishing steel and copper cylinders. 

ENGRAVING MACHINES FOR STEEL AND 
COPPER PLATE ENGRAVERS. 

PRECISION GRADUATING MACHINE for graduating, 
numbering and lettering steel scales and tools of all kinds. 



304 



/''■"■''■''■'"■-''■''■'""■''■I'- 'ii:i-^ii:ii:'i:ii'ii:ii'i"-^i i™gl™g 



iQiiiiiiilr*' 



PDNT 
BESTUFE 



A 



SELF-CONTAINED American dyestuff industry 
means, first of all, protection to America and Ameri- 
can industries. 



Protection to the nation in time of war in that it fur- 
nishes the plants, the technique and the intermediate 
products for the manufacture of high explosives and 
poisonous gases. 

Protection to our one source of supply for the syn- 
thetic medicinals that are the chief reliance of medical 
science in relieving pain and in fighting disease. 

Protection to the textile, leather, paper, printing ink, 
paint and other dyestuff consuming industries produc- 
ing over two and a half billion dollars of manufactured 
goods a year, employing over one million people and 
representing upwards of two and one-half billion dol- 
lars in invested capital. 

Protection to industries indirectly dependent on an un- 
interrupted supply of dyestuffs for their maintenance 
producing over three billion dollars of manufactured 
goods a year, employing over a million people and rep- 
resenting nearly two billion dollars in invested capital. 



In developing and safeguarding, with every means at 
our disposal, a self-contained American dyestuff indus- 
try, American manufacturers are therefore laying and 
preserving the very keystone of our national and in- 
dustrial independence. 

E. I. du Pont de Nemours & Co. 

Dyestuffs Sales Dept. 
Wilmington .•. Delaware 

Branch Offices 
TSjew Tor\ Boston Providence 

Philadelphia Chicago 

Charlotte, 7\[. C. 






[ii:ii:ii:ii:ii;iii:;:ii;ii:ii:ii:ii:ii:ii;:::ii:ii:ii:ii:ii:ii:ii!::iii:ii:ii:ii:mi^:ii 



:ii:ii:ii:ii:ii:i!!::;ii:ii:ii:ii:ii:ii:iii::!ii:i[ii:ii:ii:ii:iii:iil:i[ii:ii:ii:ii:i!i::iy^ (Oil Pflflf) i:ii:ii:ii:Pi::!ii:ii:ii:iiiiii::i!i:ii:ii:ii:ii:ii:ci:ii:n:ii:iiE!!i:ii:ii:ii:ii:i^ 

>f^' ■4-^ g 4.^ a/-.,^ """'""" "~ "" -I— !■— i.ii II I —— ■■■. - i,..M, , .i, „ ,.,i.i I ,.— 






305 

CODES: Meyer's 39th Edition Bentley's ABC Shepperson's, etc. 

W. R. GRACE & CO. 

Cotton Merchants 

Grace Building 

San Francisco NEW YORK Seattle 

AMERICAN COTTON 

ALL KINDS, INCLUDING STAPLES, SEA ISLAND and ARIZONA EGYPTIAN 

DALLAS BOSTON GENOA STOCKHOLM 

NEW ORLEANS MONTREAL BARCELONA PETROGRAD 

MEMPHIS LIVERPOOL LISBON OSAKA 

SAVANNAH HAVRE ROTTERDAM 

FOREIGN COTTON 

PERUVIANS, (ROUGH AND MITAFIFI,) CHINESE, EAST INDIAN 
BRAZILIAN, EGYPTIAN, HAITIAN, ETC. 

LIMA ) GUAYAQUIL, ECUADOR BOMBAY I TMnTA CEARA ) 

CALLAO^PERU SHANGHAI I ^r t,.t CALCUTTA p^^^^^ SAO PAULO > BRAZIL 

PIURA ) TIENTSIN ( ^^^^^A pQj^^ ^^ PRINCE, HAITI PERNAMBUCO ) 



HARDING, TILTON & CO. 

Commission Merchants 

COTTON YARNS 

WORSTED YARNS 

COTTON CLOTH 

NEW YORK BOSTON 

CHICAGO PHILADELPHIA 



306 



BANNER 

FULL AUTOMATIC 

HOSIERY MACHINES 



All Styles All Gauges 



SIMPLICITY— SPEED — PRODUCTION — QUALITY 

Four important things to consider when buying hosiery machinery 
ALL PARTS ACCESSIBLE FROM FRONT OF MACHINE 



NEW DESCRIPTIVE CATALOGUE 
SENT ON REQUEST 



HEMPHILL COMPANY 

Main OJfice and Facto?y 

PAWTUCKET RHODE ISLAND 

T'hiladelphia Office and Showrooms 
Rooms 208, 209, 210 Colonial Trust Company Building, 13th and Market Streets 

PHILADELPHIA, PA. 



307 



W. C. Cooke 
President 



W. D. Burnett 
^'ice-President 

ESTABLISHED 1907 



J. S. Burnett 
Treasurer 



W. Q Cooke & Co. 

(INCORPORATED) 

Cotton Merchants 

CAPITAL STOCK, $50,000 

107 North Church Street 
SPARTANBURG, SOUTH CAROLINA 

Buyers of all Grades and Staple. 

Piedmont Redland Cotton i-inch to Ii-i6-inch 
Staple a Specialty. 

Shepperson's Codes 1878-81 



E. J. DRIVER 

Columbus, Georgia 



Alabama and North Georgia 
COTTON 



Codes : 
Shepperson 1878-1881 



First National Bank 

GREENVILLE, 8. C. 



Established 

18 7 2 



BUSY EVER SINCE 



ALEX STRAUSS 



HOWARD B. STRAUSS 



ALEX STRAUSS 
& SON 

BUYERS OF 

Arkansas River Cotton 

PINE BLUFF, ARK. 

Main Office: Pine Bluff, Ark. 



Liberal Advances made on 
Consigned Cotton 



308 



J. H. CUTTER & 
COMPANY 



Cotton Merchants 




Main Ofct: CHARLOTTE, N. C 

Branches : 

SPARTANBURG and GREENWOOD, South Carolina 

ATHENS and ELBERTON, Georgia 



MeDibers Ne^p J^ork and New Orleans Cotton Exchanges 



:m)9 



S PARTANBURG, South Carolina, has twenty-seven mill corpor- 
ations operating thirty-six cotton mills, four railroad lines, sixty 
trains daily, fine climate (no extremes), pure water, one hundred 
and twelve miles paved sidewalks and streets, two class-A colleges, 
Wofford for men and Converse for women ; population one hundred 
thousand, in County, thirty-five thousand, in City and suburbs; agri- 
culture and cotton mills are chief industries ; no better place to make 
your home. If interested in anything here, or if you have cotton drafts 
to collect on any of these thirty-six mills, using in all one hundred and 
fifty thousand bales annually, write us. We are in close touch with 
fall cotton interests. Your business sent us will be treated as we 
would love for you to treat ours. 

Capital and Surplus $600,000.00 Resources Over 3-I- Million 

FIRST NATIONAL BANK 

A. M. Chreitzberg, President Roy E. Leonard, Cashier J. B. Cleveland, Vice President 

W. Frank Klugh, Assistant Cashier Frank C. Rogers, Vice President H. B. Carlisle, Attorney 



CANNON MILLS, Selling Agents 

Distributing the product of 2 5 Southern Cotton 
Mills, operating more than 500,000 Spindles, 
8000 Looms and 2000 Knitting Machines. 

Sheetings, Print Cloths, Cotton Yarns, Bleached 
Cottons, Towels, Damasks, Sheets, Pillow Cases, 
Bedspreads, Ginghams, Automobile Fabrics, 
Hosiery. :: :: :: :: :: :: 

La?^gest Manufacturers of 'Towels in the It^orld 

53-55 Worth Street NEW YORK 

PHILADELPHIA CHICAGO BOSTON ST. LOUIS SAN FRANCISCO 



310 



The Citizens National Bank 




or NEW YORK: 

ESTABLISHED 185I 

Capital, Surplus and Profits 
September 12, 1919 $5,993,280.65 

Deposits 
September 12, 191 9 $47,978,036.76 



ALBION K. CHAPMAN 

JAMES McAllister - 

CLIFFORD R. DUNHAM 
SAMUEL SHAW, Jr. - 



OFFICERS 

EDWIN S. SCHENCK - 
GARRARD COMLY - 

- - - Cashier 

- Assistant Cashier 

- Assistant Cashier 

- Assistant Cashier 



President 
Vice-President 
JESSIE M. SMITH 
WILLIAM M. HAINES 
ROBERT B. RAYMOND, 
ROBERT D. SCOTT - 



- Assistant Cashier 

- Assistant Cashier 
Mgr. Foreign Dept. 

- Assistant Cashier 



ERNEST J. WATERMAN, Mgr. Trust Dept. 



GOl_D MEOAUS AWARDED 



CABLE ADDRS5 *' HOFCOR 



G04-0 MeOAI_S AWAR0£O 




ROPE- CANVAS -TWINES 

Cotton Duck, Yarn, JVick Waste, Br aids, T ap es, ffaddmg Batts, Awning 

Excelsior, Oakum, Burlaps Stripes, Flags, Nets, Hammocks 

CONTRACTORS TO THE GOVERNMENT 

Also Mill Agents and Commission Merchants 



Philadelphia and City of New York 



311 



Fuel Oil Burning Equipment 

APPARATUS FOR HANDLING 
MATERIAL POWER-EQUIPMENT 

DANIEL HURLEY &' CO. 

201 DEVONSHIRE ST. 

BOSTON, AUSS. 

Tel. Main 84s 



J. H. HANAFORD 

Cotton Buyer and 
Broker 



Twelve Pearl Street 



BOSTON 



MASS. 



OSTRANDER & CO., Inc 
Commission jHerrljants 



ACCOUNTS OF MANUFACTURERS SOLICITED 



Offer exceptional selling and styling facilities as sales agents for Mills making any class 
of cotton goods for Jobbing, Manufacturing and Export trade 



15 to 21 Thomas Street 
NEW YORK 



PHILADELPHIA 
CHICAGO 



SAN FRANCISCO 
CLEVELAND 



BALTIMORE 
BOSTON 



BASHINSKY COTTON COMPANY, Inc. 

ESTABLISHED 1878 



Branches 

Mobile, Alabama 
Montgomery, Ala. 
Troy, Alabama 
Decatur, Ala. 
Dothan, Ala. 



Cotton Merchants 



EXPORT AND DOMESTIC 



Birmingham, Alabama 



Branches 

Augusta, Georgia 
Tupelo, Mississippi 
Meridian, Miss. 
New Albany, Miss. 
Corinth, Miss. 



312 



WILLCOX, PECK fif 
HUGHES 



Insurance Brokers 

and 

Average Adjusters 




306 Queen and Crescent Building 
NEW ORLEANS 

- Head Office 

3 South William Street 
NEW YORK 

CHICAGO CLEVELAND BUFFALO SAN FRANCISCO 

SEATTLE NEW ORLEANS LONDON CHRISTIANIA 



31.3 



CLOTH BOARDS 

I'.vt. Applicil For 

The Cloth Examiner of one of the largest clothmti 
manufacturers m the United States writes: 

" In my opinion there is no doubt of the 
superiority of the Noadmas Cloth Board. It is 
lighter in weight and it does away with the neces- 
sity of using a paper covering on board as is the 
case with the wood boards, and the greatest ad- 
vantage of all is that it does away with the danger 
of breakage of the board while inside the bolt or 
roll piece of goods, for if a wood board breaks in 
transit between mill and merchant, it leaves the 
fabric in a wrinkled and filthy condition, filled 
with splinters and wood fibre, oftentimes hard to 
remove. Cloth rolled on Noadmas boards always 
reaches us in perfect condition." 

The E. A. McMillin Co. 

NORTH ADAMS, MASS. 



CABLE ADDRESS CHM'l.l-Y 



SH EPPERSON S 
I878-S1 



BEI.I, AND POSTAL 
PHONES IN OFFICE 



Marvin S. Chipley 

Member of New Orleans Private wire to 

Cotton Exchange New York and New Orleans 



Cotton 

Special Attention to orders from 

Domestic Mills for any 

Grade or Staple 



GREENWOOD, 

SOUTH CAROLINA 



Factory Mutual Fire Insurance 

COVERS LOSSES BY FIRE, LIGHTNING, 

WINDSTORM AND SPRINKLER LEAKAGE 

ALSO USE AND OCCUPANCY 



What Cheer Mutual Fire Insurance Co. 

PROVIDENCE, R. I. 



DIRECTORS 



CHARLES H. MERRIMAN . . Providence, R. I. 

of Executive Committee, Manville Company 

WILLIAM C. GREENE . . • ; Providence, R. I. 

Works Manager Diamond Machine Company 

ALBERT H. SAYLES .... Pascoag, R. I- 

Treasurer A. L. Sayles & Sons, Inc. 
Treasurer Sayles & Jenks Mfg. Co. 

ZECHARIAH CHAFEE .... Providence, R. I. 

Treasurer Builders Iron Foundry 

JAMES M. SCOTT Providence, R L 

President R. I. Investment Company 

H. MARTIN BROWN .... Providence, R. I 

President Industrial Trust Company 

FRANK L. PIERCE Providence, R. I- 

President of the Companies 



WILLIAM D. BALDWIN . . . New York, N. Y. 

Chairman of the Board, Otis Elevator Company 
President Otis-Fensom Elevator Company, Ltd. 

ALIX W. STANLEY .... New Britain, Conn. 

President The Stanley Rule and Level Company 
President The Roxton Tool and Mill Company, Ltd. 

FREDERIC W. EASTON . . . Pawtucket, R. I. 

Treasurer Easton & Burnham Machine Company 
Treasurer Fales & Jenks Machine Company 
Treasurer United States Cotton Company 

ROWLAND HAZARD .... Peace Dale, R. I. 

Director Solvay Process Company 

FREDERICK S. CHASE .... Waterbury, Conn. 

President Chase Rolling Mill Company 
President Waterbury Mfg. Company 



314 



' 



X3^^B^-J^^.^4i,<^-X^.^»^ 



Important Improvement 




HYATT BEARINGS FOR 



315 



nmmm«Mnw»*««»««»«««i>«« 



'""^^^^^'"'^'"^'^^^^'^'^^''^^'^"^'^' 



In Cotton Machinery 



Every cotton manufacturer who is interested in securing increased production 
with decreased costs will find it well worth his while to investigate the many- 
advantages of Hyatt Roller Bearings for all types of cotton machinery. 

The use of Hyatt Roller Bearing equipped cotton machinery will increase your 
production, effect worth-while savings in power, oil and maintenance costs, give 
a smoother operating machine and eliminate bearing replacements. Hyatt Roller 
Bearings keep a machine at its job — Production. 

The rugged, durable construction of Hyatt Roller Bearings enables them to 
operate satisfactorily for years with no appreciable wear. Speaking in terms of 
the life of the machines on which they are used, Hyatt Roller Bearings are 
practically permanent bearings. 

The easy starting and easy running qualities of Hyatt Roller Bearings make 
possible a considerable saving in power. This is particularly true on cards, 
nappers and winders, where the peak power load occurs during the starting up 
period while static friction is being overcome and the heavy parts accelerated to 
operating speed. By eliminating the dragging friction of plain bearings, Hyatt 
Roller Bearings reduce by at least 25% the acceleration power required. 

The positive self-oiling action of Hyatt Roller Bearings insures proper lubrication 
at all times and the economy is such that the bearings require oiling but five or 
six times a year. A Hyatt-equipped machine operates with a minimum of 
lubricant and attention. 

When you install new machinery are you going to spend your money for old style 
plain bearing equipment.? Or will you specify modern, improved machines — 
"Hyatt Bearing equipped" — ^ machines designed for increased production and 
capable of years of satisfactory, money-saving, dependable service.? 

Remember, "Hyatt-equipped" means Increased Production. 




:: 



^ 
^ 






-: 

t 



; 



HYATT ROLLER BEARING COMPANY 

INDUSTRIAL BEARINGS DIVISION 
METROPOLITAN TOWER, NEW YORK 



Motor Bearings Division 
DETROIT, MICH. 



Tractor Bearings Division 
CHICAGO, ILL. 



MANUFACTURERS OF BEARINGS FOR MINE CARS, ORE CARS, STEEL MILL CARS, ROLLER TABLES, TROLLEYS, CR.'^NES, 
HOISTS, MACHINE TOOLS, LINE SHAFTS, COUNTER SHAFTS, CONCRETE MACHINERY, TEXTILE MACHINERY, 
CONVEYORS, LIFT TRUCKS, INDUSTRIAL TRUCKS. RAILWAY SERVICE CARS, STORAGE BATTERY LOCOMOTIVES, ETC. 



COTTON MACHINERY 



«««mw«miBi««mi»«««««mKKAm«»iwnimm«mmm«m-^^^ 





.^:i;^iiiSiiiiiifesfe 










//ou^ Electrical Power 
Stops Losses 



Cotton is subjected over and over again to processes 
demanding the use of power. If this power be a 
G-E Motor, directly connected to the machine it 
drives, all lineshaft friction and belt slippage losses 
are eliminated. When such a machine is temporarily 
shut down all power consumption for it ceases. 

In the textile industries losses due to oil drip from 
shafting and dust stirred up by belts have been elimin- 
ated wherever direct connected motors are used. These 
motors have greatly reduced the losses due to uneveness 
of power impulses. 

Losses due to misapplication of electric power are 
obviated by calling into consultation our mill power 
experts who are not only mechanical and electrical 
engineers but are also practically experienced textile 
mill executives. 



G-E Electric Power Equipment, specially 
designed for cottonseed oil and textile mills, 
J, is used to greatly increase production by lead- 
ing mills throughout this country. 
"-w Seventy-five percent of all electric 
) power used in America's textile in- 
dustry passes through G-E Motors. 



General Electric Company 



317 



Wellington, Sears fif Co. 

Commission ^^tttf^miU 



93 Franklin St., BOSTON 



66 Worth St., NEW YORK 



PHILADELPHIA CHICAGO ST. LOUIS NEW ORLEANS SAN FRANCISCO 



Selling' Agents for 



WEST POINT MFG. CO. 
SHAWMUT MILL 
FAIRFAX MILL 
RIVERDALE COTTON MILLS 
LANETT COTTON MILLS 
BROOKSIDE MILLS 
WARWICK MILLS 
EQUINOX MILL 



HAMILTON WOOLEN CO. 
SUNCOOK MILLS 
COLUMBUS MFG. CO. 
GLUCK MILLS 
LIBERTY MILL 
DIXIE COTTON MILLS 
SHERMAN MFG. CO. 
NEW ENGLAND BUNTING CO. 



STANDARD 

Marine Insurance Company Ltd. 

OF LIVERPOOL, ENGLAND 

Cotton Insurance a Specialty 

CHIEF OFFICE FOR THE UNITED STATES 

63-65 Beaver Street .'. New York 



United States Manager, W. J. ROBERTS 



318 



KNOXALL TEXTILES 

Sizing Flannels of all kinds 

Roller or Cushion Cloths for Spinning. All thicknesses 
Lapping for Calico Printers 

Endless Aprons for Calico Printers 

Endless Finishing Aprons. All widths and thicknesses 
Steam Blankets 

Decating Aprons, both Wool and Cotton 
Filter Cloths, both Cotton and Wool 




Ehrmen Clearers, all sizes 

Blankets for Newspaper Presses 
Litho Press Blankets 

Endless Tubing. All sizes, both Cotton and Wool 
Polishing and Rubbing Cloths of all kinds 
Aprons for Stamping Machines 
Friction Cloths 

Cloths for all Mechanical Purposes 
Anything in the Textile Line 

TELL US YOUR WANTS, AND WE WILL SUPPLY THEM 

EDWARD H. BEST & CO. 

222 Purchase Street BOSTON, MASS. 







319 


M AUNEY - STEEL 


COMPANY 


237 CHESTNUT STREET 




PHILADELPHIA, PA. 


COTTON 

Eastern Office 

336 GROSVERNER BUILDING 

Providence, R. I. 


YARNS 

Southern Office 

CHERRYVILLE, n. c. 


An Incorporation of Southern Spinners 


Direct 


from Producer to Consumer 


\\^ AT?P^ QTiTTrTXTQ 


nnTTr>T:-c r^ r\ ^j rr i? II 


V\/\lvlo olVlLli>o i^^ujj^o \^ KJ i\ iL, <j 



F. L. PAGE & 
COMPANY 

Cotton 
ittertl)ant0 

Domestic and Export 



432 FALLS BUILDING 
MEMPHIS .-. TENN. 



S. R. STEWART 
& COMPANY 

401-402 WOODWARD BUILDING 

BIRMINGHAM, ALA. 

Telephone, Main 567 

Cotton> ^totfes> Jlonti0 

Grain and 
Provisions 

OFFICES : 

GREENVILLE, ALA. TROY, ALA. 

DOTHAN, ALA. 



MEMBERS 
New Orleans Cotton Exchange 
Private Wire Connections 

Jno. F. Clark & Co., New Orleans, La. 
Thomson & McKinnon, Chicago, 111. 

J. S. Bache & Co., New York, N.Y. 
N. L. Carpenter & Co., New York, N.Y. 



E. S. MACOMBER 

COTTON 

hospital trust bldg. providence, R. I. 



320 



SOUTHEASTERN 

NAVIGATION 

LINE 



Linea de Navegacion Del Sureste 

Freight and Passengers 



For Information ^pply to 

505 QUEEN AND CRESCENT BUILDING 

NEW YORK 



321 



J. H. LANE & CO. 

INCORPORATED 

NEW YORK 

SELLING AGENTS FOR 

Cotton Mill Products 

BOSTON CHICAGO 



LOUIS SIEGBERT & BRO 



illiiliill 



Commission Merchants 

AND MANUFACTURERS OF 

Cotton Goods 



84g-goo Broadway NEW YORK Cor. 20th Street 



322 



Member 
NEW YORK COTTON EXCHANGE 
NEW ORLEANS COTTON EXCHANGE 
HOUSTON COTTON EXCHANGE 
DALLAS COTTON EXCHANGE 

Associate Member 
LIVERPOOL COTTON ASSOCIATION 



Herman Loeb 

COTTON 



SHREVEPORT, LA. 



ESTABLISHED 1874 



BRANCH OFFICES 

New Orleans, La. Houston, Texas 



:V2:) 



E. P. HOKE 



JNO. Z. HOKE 



Hoke Brothers 



Cotton Brokers 



Augusta 



Georgia 



BUY AND SELL FOR THE ACCOUNT 
OF THE BEST SHIPPERS, ALL 
GROWTHS IN THE ATLANTICS 



W. B. SELLERS & 
COMPANY 

Cotton 

GREENVILLE, TEXAS 

Better Staples and Low Grades 
a Specialty 

CORRESPONDENCE INVITED 



THOMAS LEYLAND & 
CO., Inc. 

F. T. \V AI.Sll. \ice-l'R-s't and (uiur.il Manamr 

READVILLE, MASS., U.S.A. 



Manufacturers and Importers of 

Gums, Dextrines and 

Envelope Gums, 

Starch, and Tapioca Flours 

CALICO PRINTERS', ENGRAVERS' 
DYERS' AND BLEACHERS' SUPPLIES 



Manicfacturers of Improved Free Running 

Scutchers and The William Mycock 

Regulating Cloth Expanders 



Cable Address 
NADES BOSTON 



Office and Works 
READVILLE, MASS. 



Mark each bale of Cotton consigned to 

us zuith your name or initials 

and to "7- F. Co." 



The John Flannery 
Company 

Cotton Factors 



Savannah, Georgia 



324 

MORIMURA, ARM & CO. 

Cotton Department 
DALLAS NEW YORK SEATTLE 

COTTON EXPORTERS 



Branch of 

YOKOHAMA KI-ITO KAISHA,Ltd 

YOKOHAMA, JAPAN 



RAW SILK 

Head Office: YOKOHAMA 

Cotton, Yarn, Piece Goods and Machinery 
Head Office: OSAKA 



Branch Offices and Agencies 
TOKIO SHANGHAI BOMBAY ALEXANDRIA 

NAGOYA HANKOW CALCUTTA LYON 

KOBE 



32: 



Memphis Utility 
Company 



^ 



Cotton 
L inters 



^ 



Memphis, Tennessee 



The I 

First National Bank 

GASTONIA, N. C. 



RESOURCKS 


IJABILrriES 


Loans and Discounts 


$2,354,883.54 


CapitaL...$ 250,000.00 


U. S. Bonds to secure 




Surplus... 250,000.00 


Circulation 


250,000.00 


Untlividcd 


Liberty Bonds .... 


243,177.50 


I'roHts (net) 43,943.00 


N. C. Bonds 


25,000.00 


Circulation 250,000.00 


Stock in Federal Re- 




Re-discounts 452,174.78 


serve Bank 


13,500.00 


Deposits... 2,203,200.35 


Banking House .... 


195,249.81 




Cash and in Banks. 


367,507.28 
$3,449,318.13 




T0T.\L 


Total... $3,449,318.13 



L. L. Jenkins, President 

J. Lee Robinson, (Active) Vice-President 

R. R. Ray, Vice-President 

S. N. BoYCE, Cashier M. T. Wilson, Assistant Cashier 



L. L. JENKINS 
J. LEE ROBINSON 
R. R. RAY 
THOS. L. CRAIG 
J. O. WHITE 



DIRECTORS 

J. K. DIXON 
O. F. MASON 
S. N. BOYCE 
L. F. GROVES 
S. M. ROBINSON 



W. J. CLIFFORD 
B. H. PARKER 
S. A. ROBINSON 
J. H. SEPARK 
FRED L. SMYRE 



A special feature of our business is 
handling Cotton Drafts. Prompt 
service and reasonable rates. Try us. 



JAKE H. LEVY 



MARSHALL ARONSON 



HERBERT A. WHITE 



L. LEVY, In Commendam 



Levy, Aronson & White 



Cotton Brokers 



Private Wires to Principal Alabama and Mississippi Points 



Members 
New Orleans Cotton Exchange 
N. O. Future Brokers Association 



305 Baronne Street 



NEW ORLEANS 



326 










PURIFICATION SYSTEMS 
SOFTEN IN 13 & FIL.TR/VTION 
FOR BOILER FEEO A.IMO 
yx.1.1. INOU5TRIA.I- USES 



!t"J^f 



Chas. 0. Corn 
August Schierenberg 



Paul Schwarz 
Frank A. Kimball 



Corn, Schwarz 
& Co. 



15 William St. 



New York 



Cotton 0ltxc\fmts 



Members: 

New York Cotton Exchange 
New Orleans Cotton Exchange 
New York Coffee & Sugar Exchange, Inc. 
New York Produce Exchange 



Established 1904 



J. J. Williamson 
& Company 



ATLANTA 



GEORGIA 



<J)(Cembers - 
New York Cotton Exchange 

Cotton Merchants 



Export 



Domestic 



'branch ^Agencies 

Athens, Georgia Macon, Georgia 

Augusta, Georgia Montezuma, Georgia 

Carrollton, Georgia Savannah, Georgia 

Woodbury, Georgia 

Cable Address : "Williamson" 



W. M. HANNAY & CO. 



Cotton Buyers 



Memphis 
Savannah 



Dallas 

New Orleans 



Montreal 
New York 









327 


A. 


H. 


WICKER 

(NOT INCOKPORATKI)) 


& CO. 




Domestic 


COTTON 


Export 


Paris, Texas 


Ennis, Texas 


Liverpool, England 


Buying agencies 
and Arkan 

A special department for delive 
ning and selected lots, F. 0. B. 
with facilities for figuring anc 
ments and tracing shipments. 


; in the various sections of North 
sas, producing staple of good sp 


Texas, Oklahoma 
inning value 

Members 
EANS COTTON EXCHANGE 
ible Address: Wicker 


ALL GRADES 


lies of even run- 

compress points, ^^^ ^^^^ 

1 drawmg docu- 

C: 



One Rope Controls — Hoists, Lowers and Holds the Load 



FOR outrigger AND HATCHWAY SERVICE 



VOLNEY W. MASON & CO., Inc. 



In use at — 

Terminal Warehouse Co., Providence, R. I. 

National Dock & Storage Co., East Boston, 
Mass. 

New Yorli Dock Co., Brooklyn, N. Y. 

Crimmins & Peirce, Boston, Mass. 

New Bedford Storage Warehouse Co., New 
Bedford, Mass. 

Borden Condensed Milk Co., New York City 

Eddystone Mfg. Co., Philadelphia, Pa. 

Jamestown Worsted Mills, Jamestown, N. Y. 

Wuskanut Mills, FarnumsviUe, Mass. 

New York Central R. R. Hay Depots, 33rd 
St. and nth Ave., New York City. 

Palmer Docks, Brooklyn, N. Y. 

Railwav Supply and Manufacturing Co., Cin- 
cinnati, Ohio. 

S. Silberman & Sons, Chicago, 111. 

Utica Steam and Mohawk Valley Cotton Mills 
Co., Utica, N. Y. 

Canada, Atlantic and Plant Steamship Co., 
Boston, Mass. 




ESTABLISHED 1860 INCORPORATED I9O2 
TELEPHONE GASPEE I2II 

PROVIDENCE, R. I., U. S. A. 

PATENT WHIP HOISTS 

For Mills, Docks, Cotton and 

Woolen Warehouses, etc 

EXPRESS SERVICE 

200-400 feet per minute 

SEVERAL THOUS.^ND IN USE 



FRICTION PULLEYS and CLUTCHES 



Size No. 15 

1500 lb. whip in pent house of 

The Charles River Stores 
Beverly Street, Boston, Mass. 



D. P. Kaercher, Electrical Engineer 

76 Summer Street 

Representative for Boston, Mass. 



Many of the largest Terminal and Storage Warehouses, 

Docks, and Mills in the United States have from one to fifty 

or more of our whips. 

Our Whips probably handle 7.5% or more of the wool taken 

in and out of the Warehouse of Boston, Mass. 

Engineers and Architects make special recommendation of, 

as well, as specifying them in their plans. 

Their special value is in handling baled Wool, Cotton, Hay, 

Barrels, and cased merchandise. 

Whips .'^re used as auxiliarv' and express service to elevators. 



In many Warehouses they will undoubtedly quickly earn 
their cost. 

By seeing our whips at work and noting the speed and the 
simplicity of these machines, you will quickly figure their 
saving in time, labor, power and cost — -their upkeep and 
maintenance amount to practically nothing. Any of our 
various customers will confirm this. 

Will you stop to think of their value and utility to you.' 

We will be very glad to hear from you. 



328 











J. p. STEVENS & 






COMPANY 






Commission Merchants 




23-29 Ihomas Street 




NEW YORK 






COTTON FABRICS 






For Jobbers, Manufacturers, 






Converters and Exporters 






COTTON YARNS 











AUGUST W. SMFIH 
President 



CHESTER M. GOODYEAR 
Treasurer 

THE 



329 



LEE C. HARRIS 
Secretary 



CHESTER M. GOODYEAR COMPANY 

MANUFACTURING CONDITIONERS 

OF ALL GRADES OF 

Cotton and Knitting Mill Waste 

GREENVILLE, SOUTH CAROLINA 



Contracts with Cotton Mills are for shipments, all to one destination, i. c, Greenville, S. C. and 
characterized by Courtesy, Promptness and Efficiency 



PRESENT CAPACITY, 100,000 POUNDS DAILY 
Mill Now Under Construction 
CAPACITY, 400,000 POUNDS DAILY 



M^e Prepare '\vith Unusual Care All Grades for Felting, Carding 
Garnetting and Ke- spinning Purposes 
Correspondence Solicited 



Trade 



(( 



(^QQJ^ YEAR,, 



WASTE 



Mark 



SPINNING RING SPECIALISTS SINCE 1873 




SPIMIKG RIRGS 
TWISTER RIKGS 
SILK RIRGS 



b^B t V 




TRAVELLER CLEANERS 
TRAVELLER CUPS 
GUIDE WIRE SETS 



SPINNING RING CO 



Mellor & Fenton 



Dallas, Texas 
Liverpool, England 



330 



CONE EXPORT AND COMMISSION CO. 



SOUTHERN 
COTTONS 




"T 



Greensboro - North Carolina 
New York - 61-63 Worth St. 



331 



Codes : 
Shepperson's 1878-1881 



Cable Address: 
"Coffin" 



Coffin Bros. & 
Company 

ESTABLISHED I904 

Cotton Merchants 

RICHLAND GEORGIA 

Sales Office: Columbus, Georgia 

DEALERS IN 

GEORGIA AND ALABAMA 
COTTON 

WE SOLICIT A PORTION OF YOUR BUSINESS 



LEIGH ELLIS & 
COMPANY 



Cotton 



AUSTIN, TEXAS 



Cable Address 
"LEIGHCO" 



Codes: 

Meyer's 39th 
Shepperson, 79 and 81 




Free 64 Page Book 
on Fire Protection 

t^VERY manager and operating head of a tex- 
-'— ^ tile plant will be interested in this new free 
book " Industrial Plant Protection." It covers 
in an attractive readable style The Organization 
of a Plant Fire Brigade — Drilling the Plant Fire 
Brigade — Fire Waste in the United States — 
Fire Extinguishmg Apparatus for Large Proper- 
ties — The Fire Alarm System. 

It shows how to organize the Fire Brigade. 
Outlines the duties of the members. Gives in- 
formation on locating fire pumps and water mains. 
Tells how to handle fire hose. Shows the best 
types of hydrants and where to locate them. 
Covers fire drills and gives complete information 
about fire alarm system. 

Its pages are filled with practical suggestions 
for reducing the fire hazard. Suggestions that 
will cut down the $290,000,000 annual fire loss. 
Suggestions that will decrease the possibility of 
a serious fire in your plant. 

Back of this book stands sixty-nine years of 
practical experience in decreasing fire losses. An 
experience that covers 2000 towns and cities and 
hundreds of industrial plants. Whether or not 
you have a sprinkler system, fire brigade, or other 
protection, you will find this book valuable. Free 
to executives who ask for it on their letterhead. 




The Gamewell Fire 
Alarm Telegraph Co. 

Offices and Works 
Newton Upper Falls, Massachusetts 



332 




^ Seal of Practical Service 



THE Ley organization is equipped to 
give complete service in connection 
with building operations anywhere in the 
United States. 

Our trade mark stands for service based on 
a broad foundation of business experience 
and seasoned judgment, combined with 
technical skill. 

If you have in prospect a new construction 
project of any kind, we should like to tell 
you what the Ley organization can do 
for you. 



FRED T. LEY G? CO., Inc. 



NEW YORK 



General Contractors 
SPRINGFIELD, MASS. 



BOSTON 



PHILADELPHIA 



BUFFALO 



333 



S. C. ALEXANDER 



D. P. BUREORl) 



S.C.ALEXANDER 
& CO. 

Cotton 

Pine Bluff, Arkansas 

U. S. A. 
CABLE ADDRESS "HENRIETTA" 



J. A. Chapman 



Cotton Broker 



405 Cotton Exchange 
FORT WORTH, TEXAS 



Mather & Co. 

Jn0urancf 

Special Facilities for 

Insurance of Cotton 



PHILADELPHIA NEW YORK 

BOSTON SEATTLE 

SAN FRANCISCO 



H. D. COTHRAN 
S. F. LEWIS, JR. 
WM. E. RICHARDSON 



H.D. COTHRAN & CO. 

219 VARIETIES PLACE 
NEW ORLEANS, LA. 



MEMBERS: 
NEW ORLEANS COTTON EXCHANGE 
NEW YORK COTTON EXCHANGE 
NEW ORLEANS COTTON FUTURE BROKERS ASS'N. 



334 



The Insurance Companies Comprising 

The Cotton Fire fif Marine 

Underwriters 

are fully prepared to insure Cotton, under 
Per Bale forms, against loss by Fire^ 
Flood and the Perils of the Sea from the 
time the Cotton comes into the Owner's 
possession until it is delivered at des- 
tinations in all parts of the world. 

CERTIFICATES ARE PAYABLE IN THE PRINCIPAL 

CITIES OF THE WORLD 

Complete jFtre, flgarine anti Crangportatton angurance 

(Including legal liability of railroads for Cotton at compresses, common carrier 
liability, and the risk of riot and civil commotion) 

jFor Domegtic and for jForetgn Cotton ^Ijtpmentg 

The Cotton Fire & Marine 

Underwriters 

Members Assets Exceeding 
$150,000,000.00 

New York Office Columbia^ S, C. Office 

84 William Street Palmetto Bank Bldg. 

Fu// i?tformation and pj^ompt se?'vice fro7?i either OJjice 



335 



JOHN MALLOCH & CO. 

Members New York Cotton Exchange 

Egyptian, Sea Island and American 
COTTONS 

4 LibcTty Square, BOSTON, MASSACHLSK T TS 



17 Hamilton Street 
NEW BEDFORD, MASS 



302 Bay Street, East 
SAVANNAH, GEORGIA 



15 Cross Street 
MANCHESTER, ENGLAND 



W. N. PHARR & CO. 

Cotton Brokers ^ Selling Agents 

Staple cotton troni South Carolina and 
the Mississippi Delta a specialty. A 
large line of actual samples always on 
hand and cheerfuUj' submitted to inter- 
ested mills. 

'Cotton branded 'PHARR' helped to make the Carolina 

mills famous. 



GALKY 


& I.ORl) 


Dry Goods Commission Merchants 


Wash Goods 


Fancy Shirtings 


25 Madison Avenue 


- - - New York 


CHICAGO 


ST. LOUIS 



CHARLES M. MOORE 



Cotton Broker 



GASTONIA, N. C. 



Telephone J16 



Shepperson s Code 'jS 



J. N. DODSON 



R. J. WILLIAMS 



Dodson & Williams 
COTTON 

938 Gravier Street, NEW ORLEANS 
HOUSTON, TEXAS 

Cable Address 
WILLHOL 



336 



CHAS. L. TARVER 



L. B. STEELE 



TARVER, STEELE & COMPANY 

COTTON 



DALLAS 



TEXAS 



CABLE ADDRESS, TARVER, DALLAS 

MEMBERS: NEW YORK EXCHANGE, NEW ORLEANS EXCHANGE 

ASSOCIATE MEMBERS: LIVERPOOL COTTON ASSN. 



JVe say emphatically about 

SAVOGRAN 

For Cleaning- Floors 

WHAT WE HAVE STATED 
FOR FORTY YEARS ABOUT 

S A V O G RAN 

TVaste Avoided 

Economy Certain 

Results Perfect 

INDIA ALKALI WORKS 

BOSTON, MASS. 

Could we force your trial order, you might damn us; 
But after test would want to apologize and tha?ik us. 



SPEIR & McKAY 



INCORPORATED 



DEALERS AND EXPORTERS 

Cotton Waste Linters 

COTTONSEED PRODUCTS 



ATLANTA 



GEORGIA 



TWENTY YEARS ACTUAL 
EXPERIENCE IN 
GRADING AND SHIPPING 



.').} i 



Robert A. Smythe & Co, 

COTTON MERCHANTS AND 
EXPORTERS 

328-331 Trust Co. of Georgia Bldg. 
ATLANTA, GEORGIA 



Robert A. Smythe 
Milton H. Cronheim 





Ca 


BLE Address " HUMCO 


J 




HUMPHREY 


ef 


CO. 






Cotton 








BENDERS 


AND EXTRA 


STAPLES 


M 


ain Office: 


GREENWOOD, 


MISS. 






Branches: 






Indianola, 
Rosedale, 
Clarksdale 
Itta Bena, 


Miss. Charleston, 
" Canton, 

Yazoo City 
Ruleville, 


Miss. New Albany, 
Tupelo, 

, " Aberdeen, 
" Como, 
Liverpool, England 


Miss. 

ii. 


New Bedford, Mass. 
New Orleans, La. 
Dallas, Texas 
Memphis, Tenn. 



338 



H. H. WiGGiN, President 



S. G. Spear, Treasurer 



Terminal Wharf & Railroad 
Warehouse Co. 

50 Terminal Street Charlestown District 

BOSTON 

STORAGE OF COTTON 

WEIGHING SAMPLING TEAMING 

We Will Lease or Build to Suit Tenants 



Direct Track Connections 
Boston & Maine Railroad 
Shipping Directions 
Mystic Wharf, Boston 



Cartage To or From 
Freight Stations 
and Boat Lines 




FUMIGATION OF FOREIGN COTTON 

Cotton Waste and other materials as required by U. S. Government 



The large capacity of our Fumigation Plant in connection with our facilities 
for Weighing, Sampling, Cartage and Storage make it the logical place for 
Importers or Mills to have Foreign Cotton or Other Materials Fumigated 



C. G. Davis 



C. G. Dams, Jr. 



C. G. Davis & Co. 

TEXARKANA, TEX.-ARK. 

COTTON BUYERS 
and MERCHANTS 

Correspondence Solicited 



Special attention given Arkansas Rivers, 
Benders and Extra Staple 



339 

The 
First National Bank 

WACO, TEXAS 

CAPITAL AND SURPLUS 
^750,000.00 

RESOURCES 

^6,000,000.00 

The 
Cotton Bank of Central Texas 

special attention given to Cotton Drafts 
and other collections 



Cable Address: "BLOCK" 



BRANCH offices: 

Paris, Texas Clarksville, Texas 

Texarkana, Tex.-Ark. 
Hugo, Okla. 



codes: 
Meyer's 39th &40th Editions 
Shepperson's 1878-1881-1915 

Private 



E. E. BLOCKER & CO 

COTTON 

Buyers and Exporters 

North Texas and Southern Oklahoma Hard 
Bodied and Staple Cotton 



HONEY GROVE 



TEXAS 



340 



The American National Bank 

AUSTIN, TEXAS 

Capital $300,000.00 Surplus $100,000.00 

DEPOSITORY OF THE UNITED STATES 



OFFICERS: 

G. W. LITTLEFIELD, Chairman of the Board 

H. A. WROE, President ERNEST NALLE, Vice-President R. C. ROBERDEAV, Vice-President 

L. J. SCHNEIDER, Vice-President and Cashier H. PFAEFFLIN, Ass't Cashier 



G. W. LiriLEFIELD 
H. A. WROE 
T. J. BUTLER 
L. J. SCHNEIDER 



DIRECTORS: 

W. P. ALLEN 
R. H. BAKER 
EDGAR SMITH 



R. C. ROBERDEAU 
ERNEST NALLE 
J. B. ROBERTSON 
LEIGH ELLIS 



Knowledge of Values 

TS essential to proper business manage- 
ment for accounting, taxation and 
insurance purposes. 

American Appraisals 



A RE the product of 
ful service of the la 



efficient, care- 
largest organiza- 
tion devoted exclusively to appraisal 
work. 



AUTHORITATIVE appraisals made 
of all properties of the 

Cotton Industry 

Plantations — Cotton Gins — Tex- 
tile Plants — Transportation 
Equipment — Warehouses 

The American Appraisal Co. 

Moulders of Appraisal Thought and Practice for 
nearly a quarter century 

NEW YORK MILWAUKEE NEW ORLEANS 

Branches in Principal Cities 



ANDERSON, 
CLAYTON 
& FLEMING 

Cotton iHm|)ant0 



15 William Street 
New York, N. Y. 



Special attention paid to Spinners' 
requirements 



:}ii 



J. Franklin M^Fadden Harold A. Sands James Lawrence 



M^Fadden^ Sands fif Company 

Cotton Merchants 

EXPORTERS and IMPORTERS 



PHILADELPHIA, PA. BOSTON, MASS. 

115 Chestnut Street 141 Milk Street 



^ ^ ^ 



B RA NCH offices: 



Fall River, Mass., 17 Purchase St. New Bedford, Mass., 15 Hamilton St. 

Providence, R. L, Rhode Island Hos- Utica, N. Y. - - 73 Genesee St. 

pital Trust Co. New York, N. Y., 20 Exchange Place 



4^ 4^ '^ 

Exporters American Cotton 

Importers Egyptian, Peruvian^ Brazilian 

and China Cottons 

^ 4^ -^ 



^ . ( Shepperson's 1878 

Cable Address: ^ \ y^^^^^^ j^ Edi,;^^ 

"MACSANDS" ( Bentley's 



342 




LOCKWOOD 
GREENE ^ 



Building with Foresight 



SINCE 1832, the organization now known as Lockwood, Greene & 
Co., Engineers, has been vitally interested in textile engineer- 
ing. Many of the earliest cotton mills in this country were 
designed by us. In 1893, we designed the first cotton mill to be 
electrically driven from water wheels at Columbia, S. C, and in 1895, 
the first mill to be electrically driven from steam at Clinton, Mass. 

The first large reinforced concrete cotton mill in this country, the 
Maverick Mills at East Boston, Mass., was erected under our super- 
vision in 1911. 

Today cotton mills from Maine to Texas, including some of the 
largest in America, testify to Lockwood, Greene & Co. ideas and 
methods successfully applied, both to construction and equipment. 
Our constant employment as Managers of many of these plants 
enables us to work out new ideas in actual practice to the point of 
proved success. 

Our textile engineering service includes not only engineering in 
every phase, and industrial architecture, but expert appraisals and 
reports, industrial relations, the proper housing of employes, and 
many other subjects related to production problems. 



LOCKWOOD, GREENE & CO. 

engineers — MANAGERS 

BOSTON, 60 FEDERAL ST. CHICAGO, 38 S. DEARBORN ST. NEW YORK, 101 PARK AVE. 
ATLANTA, HEALEY BUILDING - - - - DETROIT, 45 WASHINGTON BOULEVARD 
HARTFORD, CONN, 27 LEWIS ST. - - - - - CLEVELAND, 418 BANGOR BLDG 

LOCKWOOD, GREENE & CO., OF CANADA, LTD. MONTREAL, P. Q. 

COMPAGNIE LOCKWOOD, GREENE, 47 AVE. DE L'OPERA, PARIS, FRANCE 



313 





PlaDiDg Mill Fan 



▼^ 



No. 2 Vacnom Cleaner 



(TRADE MARK) 

SYSTEMS 



f 



Aatoforce Ventilator 




Electric Propeller Fan 




Low Pressure Blower 




VoTnme Blower and Exbaaster 




Torbo-Blower 




Siuriew^ni' Supremacy 

(TRADE MARK) £ ^ 

For upwards of 60 years the name Sturtevant has 
been identified with the best in design and con- 
struction ot air-moving and power apparatus. More 
Sturtevant apparatus is now in use than all other 
makes combined. This clinching supremacy is 
attributed to the strict adherence to a manutactur- 
ing idea based on quality, efficiency and reliability. 



Fans 
Heaters 
Engines 
Drying 



Blowers 
Ventilators 
Turbines 
Cooling Conveying 



Exhausters 
Economizers 
Motors 
Collecting 



Air Conditioning Apparatus 



Sturtevant apparatus and systems have already 
proven big savers of cost, time and labor and health 
and efficiency boosters for the 

COTTON INDUSTRY 

To design and construct apparatus and systems to 
meet your needs, the entire Sturtevant organi- 
zation, including the largest staff of fan experts 
in the world, is at your disposal. Plans and 
estimates submitted without obligation. 

Write for Your Catalogues ! 

B. F. STURTEVANT COMPANY 

Hyde Park, Boston, Mass., and all Principal Cities 



■;i ^v- 



■^-^^S^lSi^^ 




HOME OFFICE AND WORKS 



ESTABLISHED l86; 




(TRADE MARK) 

PRODUCTS 




Fael Economizers 



VS-7 Steam Engine 




Sttam Turbine 




Medium Pressure Flower 




High Pressure Blower 




Gasolene Generating Set 




Direct Current Motor 




Heater 



344 



WARREN & O'NEIL 






Cotton 



HAMILTON BUILDING 

607 FRANKLIN AVENUE 

HOUSTON, TEXAS 



R. L. HOLLOWELL 



Joseph Walker 



HoUowell & Walker 



Cotton Merchants 



COLUMBIA : S. C. 

U. S. A. 



Branch Office 

GREENVILLE, S. C. 

u. s. A. 



MEMBERS NEW YORK COTTON EXCHANGE 



Combed Peeler Yarns of Highest Quality 

30's to 80's Single and Ply in all Twists 

— ON— 

CONES, WARPS, TUBES and SKEINS 

PINKNEY MILLS, Inc. 

RANKIN MILLS, Inc. 

RIDGE MILLS, Inc. 

GASTONIA NORTH CAROLINA 

Selling Age7its 

Gastonia Cotton Yarn Company 

M & M BUILDING - - PHILADELPHIA, PA. 



345 



EDWARD HOLLAND 

L. L. MURPHY 



W. F. FORDHAM 

D. S. WHEATLEY 



Edward Holland & Company 



COTTON 



GREENVILLE 



MISS. 



HOLLAND COTTON CO., Memphis, Tenn. 

EDW. HOLLAND & CO., Ckrksdale, Miss.; Yazoo 
City, Miss. ; Belzoni, Miss. ; Rosedale, Miss. 

HOLLAND-DELTA COTTON CO. 

Itta Bena and Greenwood, Miss. 



346 



Cable Address 
"BONISON" 



L. H. Charbonnier, Jr. 
H. H. EiLisoN 



P. 0. BOX 718 



CHARBONNIER 
6? ELLISON 

Cotton 

Augusta, Georgia 



MERCHANTS 
FOR DOMESTIC 
AND EXPORT 



GOOD BODY 
AND STAPLE 
A SPECIALTY 



PELZER 

MANUFACTURING 

COMPANY 

PELZER, SOUTH CAROLINA, U.S.A. 



FOUR MILLS 



Wide Bed Sheets, Drills and 
Sheetings for Home Trade 
and Export 



THE 

National Exchange Bank 

OF AUGUSTA 



p. E. MAY - - 
PAUL MUSTIN - 
E. A. PENDLETON 
W. T. WIGGINS - 



President 

- Vice-President 

Cashier 

Assistant Cashier 



Capital and Surplus, $640,000.00 



AUGUSTA, GEORGIA 



Dunean Mills 

GREENVILLE 

South Carolina 



MANUFACTURERS OF 

Fine Combed 
Fabrics 



347 



STEPHEN M.WELD fif CO. 

Cotton jBercl)ant0 

82-92 BEAVER STREET, NEW YORK 



132 SO. FOURTH STREET 
PHILADELPHIA, PA. 



DEVEREUX BUILDING 
UTICA, N. Y. 



Representing 



Stephen M. Weld & Co. of Boston 



89 STATE ST. 
27 BEDFORD ST. 
545 PLEASANT ST. 
20 SO. WATER ST. 



BOSTON 

FALL RIVER 

NEW BEDFORD 

PROVIDENCE 



Weld & Co. 



LIVERPOOL LONDON PARIS 
BOMBAY 



ROUBAIX 



Weld & White 



819 GRAVIER STREET 



NEW ORLEANS 



Weld & Neville 

}2 BEAVER STREET NEW YORK 

Weld-Neville Cotton Co. 

HOUSTON, TEXAS 

C. S. Webb, Inc. 

GREENVILLE, S. C. 



Special attention given to Spinners' Requirements and execution of 

Orders for Future Deliveries in New York, Liverpool, 

New Orleans, Havre and Alexandria 



348 



FRICTION COST MORE THAN OIL 

You can materially increase the power and efficiency of your plant by using lubri- 
cants of acknowledged merit. 



HARRIS 

TRADE MARK REG. U.S. PAT. OFF. 

OILS 



Have been on the market for over 35 years; are made from Premium Pennsylvania Crude; are used and 
recommended by leading Mills and Power Plants of the country — and are known as 

AMERICA'S LEADING LUBRICANTS 



HARRIS A. W. H. VALVE OIL for the valves and cylinders 
HARRIS A. W. H. ENGINE OIL for outside moving parts of engine 
HARRIS MACHINE, LOOM and SPINDLE OILS 

Catalog and Prices upon application 





Branch 
CHICAGO, ILL. 



A. W. HARRIS OIL CO. 



326 South Water Street 
PROVIDENCE, R. I. 



SPINNING and 
TWISTING TAPES 



^ 



American Textile 
Banding Co., inc. 



^ 



PHILADELPHIA, PA. 



McCarthy 


^ Company 


COTTON 


Savannah^ Georgia 

Extra Staples Codes: 

Sea Islands and Shepperson, 1878-1881 

North Georgia Cotton Meyer's 39th Edition 



319 



SOUTHERN 
PRODUCTS CO. 



Agency for 

MITSUI S? CO., Ltd 



Cotton Exporters 



Head Office : DALLAS, TEXAS 



Cable Address: "PRODUCTS, DALLAS" 



350 



ATLANTA 


SATIOSAL 


BASK 


ATLANTA 






GEORGIA 


The Oldest N 


ational Ba? 


tk in the Cotton St 


ates 


Capital and Surplus 


_ _ 


_ _ 


$ 2,570,000,00 


Total Resources Over 


- 


- 


$34,000,000,00 




OFFICERS 




Robert F. Maddox - - - - 
Frank E. Block - - - - Vice 
Jas. S. Floyd - _ _ _ Vice 
Geo. R. Donovan _ - _ Vice 
Thomas J. Peeples - - - Vice 


President 
-President 
-President 
-President 
-President 


J. S. Kennedy 

J. D. Leitner 

D. B. De Sassure 

R. B. Cunningham 

James F. Alexander 


- Cashier 
Assistant Cashier 
Assistant Cashier 
Assistant Cashier 
Assistant Cashier 



TELEPHONES — DAVOL ST. 3164 



CENTRAL ST. 584 



NOS. 9 AND 10 B 869 



Keogh Storage Company 



LOW INSURANCE 
BONDED WAREHOUSES 
WEIGHING and sampling 



(members AMERICAN CHAIN OF WAREHOUSES) 
'members AMERICAN COTTON WASTE EXCHANGE) 



Spur Track 
Service 



TEAMS AND MOTORS 

FREIGHT DISTRIBUTORS 

COTTON CONTROLLERS 



LONG DISTANCE HAULING CONTRACTORS 



Office: Room 52 Buffington Bldg., Fall River, Mass. 

TELEPHONE 4390-4391 



l-^X^-i'lJlJlJliJl-ijli-jM 



% 



\ RAWHIDE 

LOOM 
PICKERS 



Cotton Twine Loom Harnesses 

Garland Mfg. Go. 

SACO, MAINE 






U TRADE MARK 

>3( 




TRADE MARK |3 



t^-JKLJ^LJjE^JXJpljrjLj^^ 



[jIjIjIjIjLKI 



1 


C. H. CRISMAN 




H. L. GRAY 


c. 


H. 


CRISMAN & CO. 






Cotton 


Buyers 


68 S 


o. F 


RONT St. 


Memphis, Tenn. 




Use 


il/\y'j' Atlantic Code, ^gth Edition 
Shepperson's 1878 and 188 1 



1 


J. A. Evans, 


Jr. 


B. F. Powel 


Wesson 


I, Evans & Company 




COTTON 




Memphis, 


Tenn. Clarksdale, Miss. 


Cable Address : 
Axson 




Codes : 

Meyer's jQth 

Shepperson l8j8 



JNO. M. ROSE 



GEO. M. ROSE, JR. 



Rose Brothers 



COTTON 

CHARLOTTE, N. C. 

FAYETTEVILLE, N. C. 

Buyers and Brokers 

Representing reliable shippers in North Georgia, 
Alabama, Mississippi, Louisiana and Texas 

Buying Office at Fayetteville, North Carolina 
for Carolina Cotton 

Bonded Warehouse in course of construction at 
Fayetteville, North Carolina 



352 

E. P. LovEMAN, President Walter C. Hicks, Vice-President N. H. Burt, Treasurer P. M. McCall, Secretary 

Tuscaloosa, Alabama New York, N. Y. Gadsden, Alabama Gadsden, Alabama 

Loveman and Burt Cotton 

Company Gadsden, Alabama 

Directors: E. P. Loveman N. H. Burt Norman Mayer Walter C. Hicks Manuel Dinkelspiel 

P. M. McCall F. M. Wilson 

Authorized Capital - - $125,000 Paid in - - $100,000 

Buyers and Shippers Domestic and Export, Handling 
North Alabama and Sand Mountain Cotton 

Operating North Alabama Warehouse and Compress Co. 
Attalla, Alabama, High Density Electrical Driven Compress 



t)6^^ COTTON FABRICS 



Dyed and Printed for 
Home and Export Trades 

LESHER, WHITMAN & CO., Inc. 

Broadway, Cor. 19th Street 
NEW YORK 



353 



llllW^fcliKHIlHI II I I llMfclBIHIHw II ■ 




MODEL K 





BAHBER 
G3LMAK 

Wai-p Tiding 
Macliines 



BARBER- COLMAN 
COMPANY 

ROCKTOno. ILL. 
U.S.A. 




KEFFER & BOULWARE 



Cotton ^itn'bKnt^ 



DALLAS 



TEXAS 



CABLE ADDRESS "KEFFWARE" 



354 



B. T. ADAMS 



Cotton 



MACON 



GEORGIA 



North and South Georgian 
Cotton 



CORRESPONDENCE INVITED 



B. G. VAUGHN D. T. SHIRLEY 

R. C. UNDERWOOD 

Fort IVorth Cotton Co. 



JVe make a Specialty of 
Low Grade Cotton 



201-2-3 Grain and Cotton 
Exchange Building 

FORT WORTH TEXAS 



long distance phone L. D. 173 
LOCAL PHONE LAMAR 5361 



DELTA ef PINE LAND CO. 

of MISSISSIPPI 

Growers of Fine Cotton 



Manufacturers Hard Wood Lumber 

Plantations and Mills : 
SCOTT :: MISSISSIPPI 



Executive Office: 



MEMPHIS, TENNESSEE 



.).) 



Established 1881 



A.A.Smith Cotton Product Co. 

ATLANTA, GEORGIA 

NORTH GEORGIA AND NORTH ALABAMA 

COTTON 

ALSO 
ALL GRADES 
COTTON LINTERS 

DOMESTIC AND EXPORT SHIPPERS 



The 

David Brown 

Company 

Factories 
Lawrence 

Mass. 
U. S. A. 




High Grade 

Bobbins, Spools 

Shuttles and 

Skewers 

Facilities are the 
Best 

Correspondence 
Solicited 



Allen Douglass & Co. 

Cotton Commission Mer^oants 
NEW ORLEANS' 



Members of 

New Orleans Cotton Exchange 

New Orleans Cotton Future Brokers Association 



Alvin Weeks, President 



James Holden, Treasurer 



established 1854 



James Holden, Inc. 



Manufacturers 

OF 



Cotton Rope 



OF ALL 

Descriptions 



Scroll, Rim, Spooler and Spindle Banding 

Single and Double Loop Bands 

Also Cotton Transmission Rope 

Any length from 500 to 5000 feet without any splicing 

559 Ridge St., FALL RIVER, Mass. 



356 



D. M. JONES 



C. C. ARMSTRONG 



D. M. Jones & Company 

DISTRIBUTORS OF 

ARIZONA, CAROLINA, MISSISSIPPI and EGYPTIAN 

Staple Cotton 



Gastonia 



North Carolina 



'•^ The Largest Staple Ma?'\et in Affier^ica'' 



ALEXANDER SPRUNT & SON 

INCORPORATED 



OFFICERS 

JAMES SPRUNT, Chairman 

W. H. SPRUNT, President 

J. L. SPRUNT, Vice-President 

WALTER P. SPRUNT, Vice-President 

T. E. SPRUNT, Treasurer 

D. H. LIPPITT, Secretary 

W. J. BERGEN, Asst. Secretary 

ALEX. SPRUNT, Asst. Secretary 



Cotton 

WILMINGTON 
North Carolina 

1866 



NEW YORK 

CHARLOTTE, N. C. 

SAVANNAH, GA. 
HOUSTON, TEXAS 
HAVRE, FRANCE 
ROTTERDAM, HOLLAND 



Owners of Cotton Compress and Warehouses at WILMINGTON, N. C. 
CHARLOTTE, N. C. and HOUSTON, TEXAS 



357 



BARRETT & 
COMPANY, Inc. 



Augusta, Georgia 



The Largest Cotton Factors 
in the World 



358 



John A. Weed, President and Treasurer 
Frank W. Kidd, Vice-President 
Robert G. Mason, Secretary 



WEEDS? BROTHER 



ESTABLISHED 1864 



Commission Merchants 



Converters of Cotton Goods 



39 White Street 

NEW YORK 



Chicago Branch: 331 and^il^i S. Franklin Street 

On or about February 1, 1920, we will be located at 
39-41 Walker Street :: New York 



359 



HENRY H. HAIZLIP 



CHAS. B. BOWLINC 



HAIZLIP 6? 
BOWLING 



Arkansas Cotton 



Pine Bluff, Arkansas 



American Trust 
Company 

Member Federal Reserve System 
CHARLOTTE North Carolina 

Commercial Ban king 



Capital 

Surplus and Profits 

Resources over 



$1,050,000.00 

495,297.57 

10,000,000.00 



SERVES IN ALL TH li ORDINARY TRUST RELATIONS 
WE INVITE THE ACCOUNTS OF BANKS, BANKERS 
CORPORATIONS AND FIRMS ON FAVORABLE TERMS 

OFFICERS 
W. H. Wood, President 



T. E. Hemby 
John G Nichols 
George Stephens 
W. S. Lee 
J. E. Davis 
H. L. Davenport 
P. C. Whitlock 
John Fox 



Vice-President 

Vice-President 

Vice-President 

Vice-President 

Secretary and Treasurer 

Assistant Secretary 

Trust Officer 

Assistant Trust Officer 



J. S. BACHE & CO. 

New York, U. S. A. 

Members of 
New York Cotton, Stock, Produce, Coffee and Sugar Exchanges 
Chicago Board of Trade New Orleans Cotton Exchange 

Associate Members 
Liverpool Cotton Association 

Cotton Commission Merchants 



Consignments of Spot Cotton handled on 
conservative terms. 

We sell Cotton Ex. Store New York or Ship 
Side New^ York. 

We receive on contracts and tender on contracts. 



Orders for futures executed on New York, 
New Orleans and Liverpool markets. 

Cotton, Stocks and Bonds, Cotton Seed Oil 
and Coffee. 



360 

WILLIAM FIRTH Asa LeL^'ica! Limited 

TEXTILE MACHINERY of every description for Cotton, Wool and Worsted 
William Tatham, Limited — Cotton Waste Machinery 

Sole Agent for United States and Canada for Manufacturer of 

Joseph Stubbs "Firth Vacuum Specialties" 

Gassing, Winding and Reeling Machinery For Textile Mills 

for Cotton, Worsted and Silk t^ t- n 

BrOOMLESS l^LOOR SWEEPER 

George Orme & Co. Portable 

Patent Hank Indicators, etc. t-w /-> o * 

Dustless Card Stripping Apparatus 

GoODBRAND & Co. Portable 

Cloth and Yarn Testing Apparatus DCS ^ C '^ 

Selling Agent for DuSTLESS CaRD STRIPPING AND 

Joseph Sykes Bros. Cleaning System 

Hardened and Tempered Steel Card From Central Station 

for Cotton ^ , , ^ 

General Machinery Cleaning 

Dronsfield Bros., Limited From Central Station 

Emery Wheel Grinders, Emery Fillet and Indispensable on Combing, Ribbon Lap, Knitting 

Flat Grinding Machines and Cordage Braiding Machines 

WTT T TAM T7TT?nrH -^^ Devonshire street 
A -L^ -L^ A iV IVl r 1 IV 1 n. BOSTON MASSACHUSETTS 



John Hetherington & Sons (Limited) 

MANCHESTER, ENGLAND 

The complete Hetherington line of Cotton Mill Machinery 

INCLUDES EVERY MACHINE FROM PICKERS TO MULES 

THE NASMITH COMBER 

"ONE MACHINE INSTEAD OF TWO" 

Highest production under ordinary mill conditions of any modern combing machine. 
Lowest percentage of waste for any given quality of work. 

Our large new storehouse in Boston enables us to carry a large supply for all parts 
of Hetherington machinery. Permanent staff of experienced fitters for all kinds of 
repair and resetting work on Hetherington and other machinery. 

Catalogues, Information and Estimates on Request 

HERBERT HARRISON 

Sole Agent United States and Canada 
Room 1125—10 High Street BOSTON, MASS. 

t 

J. H. MAYES, Southern Representative American Trust Co. Bldg. CHARLOTTE, N. C. 




iind 

^'Harvard Mills'' 

( Hand- Finished) 
Fine Gauge Ribbed 

Underwear 

^ I ^HESE two names represent underwear of the 
highest quality. 

We have set a high standard, from the grade of 
the yarn down to the last detail of the finish — 
and this standard is lived up to in every garment 
we manufacture. 

Women know this underwear backs up every claim 
made for it in our advertising. They have tested 
its strength and durability, and they appreciate its 
perfect fit, dainty finish, and beautiful appearance. 
The satisfaction and confidence they have in 
"Merode" and "Harvard Mills" for their own 
use make them welcome these labels on underwear 
for their families. We manufacture a complete 
line of garments for men and women, children and 
infants, in all models and weights, of fabrics — 
cotton, merino and silk mixtures — suitable for 
every climate. 

FOUNDED 1888 

JVinshipj Boit ^ Co, 

Harvard Knitting Mill Wakefield, Mass. 



I-WVRKNCK Hl.UM 



361 



Paul E. MAR(iL'Kz 



LAWRENCE BLUM 
& CO. 

Cotton ilrofeers 
ant) Crporters 

843 UNION STREET 
NEW ORLEANS 



Cable Address 
" Blumar" 



Staples a 
Specialty 



THE 

Textile Research Co. 

34 BATTERYMARCH ST. 
BOSTON, MASS. 

Consultants to 
NATIONAL BUREAU OF STANDARDS 

Consultants to 
BUREAU OF AIRCRAFT PRODUCTION 



A company incorporated under the Laws of 
Massachusetts to make available to the Textile 
trade a scientific research organization equipped 
in personnel, experience and apparatus to con- 
duct or direct Pure Research or Industrial 
Research in Raw Materials, their manufacture, 
their finish, and the use of the product. 



E. D. WALEN, B.T.E., M.E., Manager 

Formerly Associate Physicist and Chief of the Textile 
Section of the National Bureau of Standards 



362 

ESTABLISHED 1815 



Arnold, Hoffman fif Co., Inc. 

PROVIDENCE, R. I. NEW YORK, N. Y. BOSTON, MASS. 

PHILADELPHIA, PA. CHARLOTTE, N. C. 



IMPORTERS AND MANUFACTURERS OF 



Starches, Gums, Dextrine, Alizarine Assistant 

Soluble Oil, Soap 

And Every Known Material from Every Part of the World for Starching, Softening 
Weighting and Finishing Yarn, Thread or Any Fabric 

Special attention given by practical men to specialties for 

Sizing-, Softening-, Finishing and Weighting 

Cotton, Woolen and Worsted Fabrics combining the latest European and American methods. 

We believe there is no problem in SIZING OR FINISHING that we cannot solve. 
Formulas for the best method of obtaining any Desired Finish on any fabric cheerfully given. 



The JVonderful Lummus Automatic Air Blast Ginning System 

BETTER SAMPLE BIGGER TURNOUT CLEANER SEED 

Years Ahead of All Others 

'''-Favorably Known IV her ever Cotton Is Grown'' 
Ask for Catalog "A" 

LUMMUS COTTON GIN CO. 

COLUMBUS GEORGIA U. S. A. 

Manufacturers and Distributors 

Cotton Ginning Machinery, Bessemer Crude Oil Engines, 

Steam Engines and Boilers, Motors, Cameron Automatic 

Trampers, Mill Supplies, etc. 

Sales Branches: 
DALLAS, TEXAS MEMPHIS, TENN. CHARLOTTE, N. C. 





363 


H. T. MAURY C. RUSSELL AUCHINCLOSS 


LYMAN B. KENDALL 


H. PENDLETON ROGERS J. THEUS MUNDS 


Special Partner 


Maury, Rogers & Auchincloss 


MEMBERS 




NEW YORK STOCK EXCHANGE 




NEW YORK COTTON EXCHANGE 




CHICAGO BOARD OF TRADE 




Stocks Bonds Cotton 


Grain 


Orders Solicited for Purchase and 




Sale of Cotton for Future Delivery 




25 Broad Street 


New York 


Foreign Correspondence Invited 





TAYLOR, CLAPP & BEALL 

Mills: Lonsdale Co., Hope Company, Blackstone Mfg. Co., Berkeley 
Company, Utica Steam and Mohawk Valley Cotton Mills 



109-111 Worth Street 



NEW YORK CITY 



TELEPHONE: FRANKLIN 4670 



"UTICA" and "MOHAWK 



n 



BROWN and BLEACHED SHEETINGS, SHEETS and PILLOW CASES 

A Complete Line of Sateens, Drills, Twills, Nainsooks, Organdies, Muslins, 
Percales, Scotch Beetled Hollands, Cambrics, Longcloths, etc., for export 

'•LONSDALE," "BERKELEY" and "BLACKSTONE" PRODUCTS 

Colored Woven, Corded and Printed Madras, Poplins, Voiles 
Suitings, Plain and Colored, etc, for Ladies' Wear 

SPECIAL FABRICS AND FINISHES FOR EXPORT 



364 



W. A. ARTHUR 

& CO. 

Cotton Merchants and 
Exporters 

make a specialty of supplying 
Spinners' needs of extra staple 
with branch offices at 

HOPE, ARKANSAS 

and 
CLARKSVILLE, TEXAS 



Mente S? Company 

(Incorporated) 



Burlap and Bags 
Cotton Patches 

Sugar Bag Cloth 

Bagging and Ties 

Twines, Etc. 

and our celebrated "NO SPIDER" 
Spliced Cotton Ties, " as good for 
your use as new." 

New Orleans U. S. A. 

Branch Plant: Savannah, Ga. 



COMPRESS YOUR COTTON BALES WITH THE IMPROVED 



EITHER 



Hydro-Electric or Steam 
Southwark Standard Compress 



WHICH WITH A PRESSURE OF 450 TONS ON THE BALE AS COMPARED 
WITH THE 2000 TON PRESSURE REQUIRED IN OTHER PROCESSES WILL 
GIVE 32 POUNDS MINIMUM DENSITY AND A CAPACITY OF 

60 Bales Per Hour— All of Uniform Size, 2 ft.x2ft.x4 ft. 6 in. 



BUILT BY 

SOUTHWARK FOUNDRY & MACHINE CO. 



Office and Works, PHILADELPHIA, PA. 
4th and Washington Ave. 



Branch Office, BIRMINGHAM, ALA. 
Brown-Marx Building 



365 



Old Man Gloom said: "IT CANT BE DONE!" 



But 



"Clean card-fly? Huh! What a chance. Turn that stiift' into silver dollars? Tel 
it to the marines — you can't fool me!" 



The Gordon Cleaning- Machine 



says 



ii 



I DO IT" 



And it does. It makes a dollar's worth of card-fly worth $1 — ^ it makes waste into cotton 
that's worth it's weight in gold, because it can be spun into good grade material. The 
same thing is true of picker-motes and card-strip. 

These are days zvhen "Short Cuts to Efficiency'' are gravely important. Tou cant afford to 
overlook a chance to SAVE material and increase production. 

The Gordon Cleaning Machine does both ! 
GORDON-HAY COMPANY, Inc. : : : UTICA, N. Y. 

Executive Offices — BUTLER EXCHANGE — Providence, R. I. 

Eastern Agents, ROONEY & BOYD, 339 Butler Exhange, Providence, R. I. 

Southern Agent, JOHN HILL, Healey Building, Atlanta. Georgia 

Canadian Agents, W. J. WESTAWAY CO., 72 James St., North Hamilton, Ont. 



.A. S. ENGL.^ND GEO. M . SLAGHT P.A.L L J. RAINEY 

IN COMMENDAM 



A. S. ENGLAND 
6? CO. 

Cotton Factors and Commission 
Merchants 

311 Baronne Street 

New Orleans Louisiana 



Send Your Collections 



TO 



THE BANK OF 
YAZOO CITY 



YAZOO CITY 



MISS, 



Established 1876 



Capital - - - - $250,000.00 

Surplus and Undivided Profits 85,000.00 



We make a specialty of handling Cotton 
Drafts. Remittance made on date of 
payment at lowest rate of exchange 



366 



Arthur C. Hill, Pres. and Treas. Richard Henry, Vice Pres. 

Lauran'ce D. Chapman ,Asst. Treas. 



Hill ef Cutler Co. 



Established 1856 



Incorporated 1917 



Cotton Waste 

Contractors of Mill Waste 

Plants 
New Bedford Lowell 

Main Office 
176 Federal St. Boston 



BOSTON 



MASS. 



B. LITOWICH 



CO. 



Cotton 



FacSlor Samples, Pickings 
and Linters 

OFFICE, DOOLEY BUILDING 
PLANT AND WAREHOUSE, 1011 WEST STREET 

HOUSTON, TEXAS 



GEORGIA RAILROAD BANK 

AUGUSTA, GEORGIA 



OFFICERS 

JACOB PHINIZY, President W. A. LATIMER, Vice-President RUFUS H. BROWN, Vice-President 

SAMUEL MARTIN, Cashier HUGH H. SAXON, Asst. Cashier 

DIRECTORS 

H. D. McDaniel Rufus H. Brown W. J. Hollingsworth H. C. Boardman 

Jacob Phinizy Fielding Wallace J. P. Mulherin 

Porter Fleming W. A. Latimer John Phinizy 



Hy. B. King 
W. B. White 



Statement of Condition, September 10, 1919 



Resources 
Loans and Discounts 
U. S. Libery Bonds - 
Bonds and Stocks 
Banking House 
Other Real Estate 
Cash due from Banks 

Total - - - 



Liabilities 



^5,765,044.82 

509,000.00 

111,866.47 

62,500.00 

18,475.00 

1,877,360.41 

$8,344,246.70 



Capital Stock - 
Undivided Profits 
Deposits - 



Total - 



$1,000,000.00 

345,787.68 

6,998,459.02 



5,344,246.70 



Our thoroughly equipped departments for the handling of all branches of banking 
afford a service of inestimable value to the banking public. Our complete 
facilities enable us to properly care for all business entrusted to us 

We maintain an up-to-date SAVINGS DEPARTMENT where interest is paid semi-annually at 4 per cent 



.%■ 



Marine and Transportation Insurance 



United States Lloyds, Inc. 

Royal Exchange Assurance 

Indemnity Mutual Marine Assurance Co., Ltd. 

ToKio Marine &: Fire Insurance Co., Ltd. 



United States Fire Insurance Co. 
Agricultural Insurance Company 
Fire Association of Philadelphia 
Milwauk.ee Mechanics Insurance Co. 



APPLETON & COX, Attorneys 

3 South William Street NEW YORK 



Import and Export Cargo, Cotton, Domestic Cargo, Automobiles, Salesmen's Floater, Parcel 
Post, Yacht, Hull, Transportation Floater, Registered Mail, River Hull and Cargo, Commercial 
Power Boat, Musical Instrument Floater, Tourist Floater (Limited Cover and "All Risks"), 
Personal Jewelry Floater ("All Risks"), Picture and Fine Arts ("All Risks"). 



BALTIMORE, MD. ■ 

CINCINNATI, OHIO 
DALLAS, TEXAS 
GALVESTON, TEXAS 



Principal Southern Agents: 

HOUSTON, TEXAS 



G. R. JOHNSTON 

J. H. GILDEA. JR. 

F. W. WILLSON & SON 

W. T. SHACKELFORD & CO. 

■ GRAY, DOLLE & LATTA 

TREZEVANT & COCHRAN 

BEERS, KENISON & CO 



NEW ORLEANS, LA. 

ST. LOUIS, MO. - 
WASHINGTON, D. C. 
COLUMBIA, S. C. 



\ WILLIAMS & PORTER 
/ CRAVENS & CAGE 

\ GEO. S. K.WSLER, Ltd. 
\ JOHN L. BARRY, Inc. 

W. H. MARKHAM & CO. 
SECURITY STORAGE CO. 
EDWIN G. SEIBELS 



Correspondence Solicited 



export 



domestic 



JOHN D. MOSS 



COTTON 



ATHENS, GA., U. S. A. 



1889-1919 



original firm established 1878 



"Athens District Cotton" 

Regular and Extra Staples 



Codes 
Me\er's Atlantic, 39th Edition 
Shepperson's Standard, 1881 
Shepperson's Telegraphic, 1878 
Shepperson's Telegraphic, 1915 

Cable Address — "Ferr.>iI.l-Memphis" 



Chas. C. Ferrall 
Sf Co. 

Cotton Merchants 



Me 


mphis 


lenne 


ssee 




BR.\NCHES 




J.\cKsoN, Tennessee 


Dyersblrg, 


Tennessee 


Little Rock, Ark.\ns.\s 


Pine Bluff, 


Ark.ans.^s 


Newport, 


ARKANS.A.S 


CoMO, Mississippi | 




COLU.MBUS, 


Mississippi 





368 



C. B. Armstrong, President C. C. Armstrong, Vice-Pres. and Asst. Treas. 

A. K. WiNGET, Secretary and Treasurer 

Office: Gastonia, North Carolina 

Armstrong Cotton Mills Company 

Clara Manufacturing Company 

Dunn Manufacturing Company 

Monarch Cotton Mills Company 

Mutual Cotton Mills Company 

Piedmont Spinning Mills Company 

Seminole Cotton Mills Company 

Victory Yarn Mills Company 

Winget Yarn Mills Company 

Manufacturers of Combed Peeler Yarns numbers 8's to lOO's 
in single and ply. Combed Peeler Yarns in Reverse Twist 

numbers 24's to 40's 



C. B. Armstrong, President W. R. Armstrong, Treasurer A. K. Winget, Secretary 

Office: Rock Hill, South Carolina 

LOCKMORE COTTON MILLS COMPANY 
WYMOJO YARN MILLS COMPANY 

Manufacturers of Combed Peeler Yarns 24's to 40's and 
Carded Peeler Reverse Twist Yarns numbers 24's to 40's 

Se//ing Agents: GASTONIA COTTON YARN COMPANY 
M (^ M Building, Philadelphia, Pennsylvania 



369 



Irby^ Alexander 
& Irby 



Cotton Brokers 



GREENVILLE, TEXAS 



The Greenville 
National Exchange Bank 

GREENVILLE, TEXAS 



Capital 
Surplus 
Undivided Profits 



1250,000.00 
1250,000.00 
1100,000.00 



United States Depositary 



OFFICERS: 

F. J. Phillips, President 

C. B. Jones, Active Vice-Pres. 
James Armistead, Vice-Pres. 
J. B. Clayton, Vice-Pres. 
L. A. Clark, Vice-Pres. 

J. W. BiRDSONG, Cashier 

J. A. Norton, Ass't Cashier 

Benton S. Clark, Ass't Cashier 
T. W. Grubbs, Ass't Cashier 



BRASCO'S 
RESTAURANT 



PHONE MAIN 4154 



718 GRAVIER STREET 
NEW ORLEANS, LA. 



LIVERPOOL 



LONDON 



NEW YORK 



British & Foreign 
Marine Insurance 
Company, Ltd. 

Head Office, 5 CASTLE ST. LIVERPOOL 

This Company insures risks upon Cargo, 
Cotton, Specie, Bonds, Scrip, Coupons, 
Valuables and Precious Stones, at the 
lowest rates, from the United States of 
America to all parts of the World. 

Losses made payable in the Chief Cities of the World 



London Branch : 
Melbourne Branch 
Sydney Branch : 



I Old Broad Street, London 

57 Queen Street, Melbourne 

S6 Pitt Street, Sydney 



United States Branch 
COTTON EXCHANGE BUILDING — New York City 

W. L. H. Simpson, Underwriter 

W. A. W. Burnett, Sub-Underwriter 

J. H. Walters, Secretary 



370 

Capital Surplus and Profits 

$1,000,000.00 $950,000.00 

Organized 1885 

THE 

NORFOLK NATIONAL BANK 

242 Main Street Norfolk, Virginia 

A PROGRESSIVE BANK 

Invites your account, offering intelligent service and careful attention to details 

W. A. GODWIN ... - . - . President 

A.B.SCHWARZKOPF - - - - - - Vice-President and Cashier 

J. B. DEY, Jr. _.-_... Cashier 

C. S. WHITEHURTS ------- Assistant Cashier 

I. T. VAN PATTEN, Jr. ----- - Assistant Cashier 



The 

Delph Spinning 

Company 

MANUFACTURERS OF 

Cotton Yarns 



ROSEHILL 

Clearfield and C Streets 



Philadelphia, Pa. 



APPRAISALS 

of 

TEXTILE MILLS 

for 

Insurance, Financial 

or any other purpose 

THE HIGHEST TYPE OF WORK 
OVER 2000 CLIENTS 

National Appraisal 
Company 



119 BROADWAY 
NEW YORK 



261 franklin ST. 
BOSTON 



371 



C. W. Johnston 

Presidc-nt 



R. H. Johnston 

f'ict'-Prt'sidnit and Trrasurer 



J. S. Wilcox 
Secretary 



JOHNSTON MILLS 
COMPANY 



Cotton Yarns 



DIRECT TO CONSUMER 



Combed, Carded and Double Carded 



Cones, Warps, Skeins, Tubes 4s to 80s 



Representing 



Clover Mills Co. 
Jewel Cotton Mills 
Brown Mfg. Co. 
Johnston Mfg. Co. 
Belton Yarn Mills 
Spencer Mills 
Highland Park Mfg. Co. 
Rock Hill, S. C. 



Clover, S. C. 

Thomasville, N. C. 

Concord, N. C. 

Charlotte, N. C. 

Belton, Texas 

Spindale, N. C. 

Charlotte, N. C. 



NoRCOTT Mills Co. Concord, N. C. 

Anchor Mills Huntersville, N. C. 

Cleghorn Mills Co. Rutherfordton, N. C. 
Park Yarn Mills Kings Mountain, N. C. 
Spindale Mfg. Co. Spindale, N. C. 

White-Parks Mills Co. Concord, N. C. 

Roberts Mfg. Co. Concord, N. C. 

Bearskin Cotton Mills Monroe, N. C. 



NEW YORK 

346 Broadway 



PHILADELPHIA 

308 Chestnut St. 



Offices 

CHATTANOOGA 

820 James Bldg. 



CHARLOTTE 

224 South Tryon St. 



372 



Officers: 
B. H. FiNLEY, Pres. R. D. Clarke, Vice-Pres. 

F. B. Flournoy, Vice-Pres. A. B. Lewis, Sec'y and Treas. 



FINLEY 
COTTON CO. 



Buyers 



BENDERS AND STAPLES 
A SPECIALTY 



MEMPHIS 



TENN. 



CODES 

Meyer's Atlantic, 39th Edition 

Shepperson's Standard, 1881 

Shepperson's Telegraphic, 1878 

Cable Address, FINSHIP 



National (Jompress and 
Warehouse Qompany 

GALVESTON, TEXAS 



I HE National Compress and Warehouse Company having 
acquired the property of the Gulf City Compress and 
Manufacturing Co. of Galveston, Texas, beg to announce to 
the Cotton Handling Public of Texas that a new Webb High 
Density Press has been installed and is now in operation 
and ready for business. 

The Press is the latest 20 in. Block and will be able to 
Webb about 900 bales per day and can greatly increase that 
amount by working night shift. We also have one of the 
best standard Presses ever made and can do both Standard 
and Webbing at shortest possible notice and with our present 
equipment and our central location, places us in a position to 
give our customers a service which will justify their patronage. 

The storage capacity is aljout 30000 bales under cover, and 
not exposed to the weather. 

The Insurance rate will be, the B Classification Marine Risk. 

Every facility will be accorded Customers of the Press. 



W. R. A. Rogers, President 

Eustace Taylor, Vice President 

C. A. Vedder, Sec'y and Manager 

Correspondence Soliciied 



Codes : 

Meyer's 39 

shepperson's 78 & 81 



Cable Address : 

"Jolane"' 



Jones, Lane 
& Co. 

Members Texas Cotton Association 
Texarkana, Ark.-Tex. 



Exporters of 

Heavy Bodied Texas and 

Arkansas Cottons 



NEUHAUS u CO. 

Houston, Texas 



Investment Securities 



Foreign Exchange 





37:^ 




AuGLSTLS W . Smuh, Fnsidcnt and Treasurc-r Summi:ri iiiLU Hai.dw in, Jr., Snvnd rice-President 

J. W. NoKwiioi), 1' ice-President 


BRANDON MILLS 

DIRECTORS 
W. H. Baldwin Summerfiei.d Baldwin, [r. 
WOODWARD, BALDWIN & CO. 


GREENVILLE 

South Carolina 

J. W. Dorsey 
NEW YORK 


J. W. Norwood H. T. Mills C. K. Haich Aug. W. Smuh 
GRKENVIILK SOUTH CAROLIN\ 


Augustus W. Smith, President and Treasurer 


W. A. Baldwin, J'ice-President 


POINSETT MILLS 


GREENVILLE 

South C a rolina 


DIRECTORS 
W. A. Baldwin Summerfield Baldwin, Jr. J. W. Dorsey 
WOODWARD, BALDWIN & CO. NEW YORK 
W. C. Beacham B. E. Geer C. E. Hatch Aug. W. Smith 
GREENVILLE SOUTH CAROLINA 


Augustus W. Smith, President and Treasurer 


C. E. Hatch, Vice-President 


Woodruff Cotton Mills 


GREENVILLE 

South Carolina 


Executive Office— GREENVILLE, S. C. Shipping Point— WOODRUFF, S. C. 


DIRECTORS 
W. H. Baldwin, New York A. L. White, Spartanburg, S. C. 

C. E. Hatch, Aug. W. Smith, Greenville, 


J. B. Kilgore, Woodruff, S. C. 
S. C. 


1 



WEST, BAKER &^ CO. 

Everett Building, 45 East 17th Street, New York 

Bleached, Brown and Colored Goods 
Muslins, Cambrics, Nainsooks 

Denims, Tickings, Hickory Stripes etc. 
Crashes, Bedspreads 

Print Cloths and Fancy Weaves 

SPECIAL FINISHES AND PACKING FOR THE EXPORT TRADE 



374 



Voluntary Testimony 



Our pamphlets on Acceptances and Financing 
Domestic and Foreign Trade have a world- 
wide circulation. Their value is borne out by 
this voluntary testimony : 

"An examination of these pamphlets revealed much of interest 
to the student of Political conomy and much of practical value 
to the business man. Your bank is to be commended for its 
wholehearted interest and its self-imposed obligation of educating 
bankers and business men." 



THESE ARE STANDARD WORKS 



Copies can be had on application 



The 



American Exchange National Bank 

(ESTABLISHED 18J8) 

128 Broadway New York City 



W. E. Markwalter 

MACON, GA. 

Cotton i¥lercl)ant 
anil ilrofeer 

^^ Always Buying and Selling." 



North Georgia Cotton s 



OUTH 



Best Bank and Trade References 
Correspondence invited 



W. H. EAVES STEAM 

SHIP AND TOURIST 

AGENCY 

HENRY L. MULLIGAN, Manager 



Booking Agents for all Steamship Lives to 

Europe South America 

South Africa China Japan 

West Indies, etc., etc. 



New England Agents: 

COMPAGNIE GeNERALE TrANSATLANTIQUE 

FRENCH LINE: 

New York- Paris via Havre, Bordeaux 

Pacific Line, Union Castle Line, Royal Mail, 

Nelson Lines to South America, South 

Africa, West Indies, Etc. 



Officially Appointed Transportation Managers 
WORLD COTTON CONFERENCE 

NEV^ ORLEANS, OCT. 8-1,3, 19^9 

Office: 10 Congress St., Boston, Mass. 



375 



C. W. JOHNSTON 

PRESIDENT 



J. L. SPENCER 

TREASURER 



D. 11. ANDERSON 

SECRETARY 




HIGHLAND PARK 
MANUFACTURING CO. 



MANUFACTURERS OF 



Cotton #ooti)5 



Charlotte, 



North Carolina 



376 



J.D.GABELSrCO. 

60 South Front Street 
MEMPHIS, TENN. 



Cotton Merchants 



'branch Offices: 
Tupelo, Miss. Grenada, Miss. 



<f C )> 



Cable Address Signet 

SETH THOMAS 
CLOCK CO. 

NEW YORK 

ESTABLISHED 1813 

Factories Thomaston, Conn. 

19 West 44th Street 
NEW YORK 



Grow More Grain on Every Acre 



Fertilizer Made 10 Acres Yield as Much as 25 Unfertilized Acres 



A' 



Upon the yields we get from the soil 
depends the profit we make on our labor. 
How can the farmer, who is short of labor, 
grow more grain? He cannot do it by 
increasing his acreage, for that requires 
more labor! Increased production is best 
attained when every working hour is em- 
ployed on fertilized land. Fertilizer in- 
creases the grain crop — without the hiring 
of an extra man — the purchase of extra 
machinery — or the use of extra power. 

At the Ohio Experiment Station, tests were made on growing 
wheat with fertilizer, and without it. When planted on 
unfertilized land, it required 25 acres to produce 340 bushels. 
The total cost (including seed, labor and land rental) was 
$280, or 82c per bu. When planted on fertilized land, it re- 
quired on 10 acres to produce 340 bu. The total cost 
(including seed, labor, land rental and fertilizer) was 



v-c 

Fertilizers 



$182, or 53c per bu. In other words, by 
using fertilizer, the cost of producing a 
bushel was lessened 29c — or that much 
more profit was made. Less than half as 
much land was needed. 
With labor at present wages, the saving is 
even greater than shown in these tests. 
Many farmers get an mcrease of 7 to 8 
bushels of wheat per acre from the appli- 
cation of only 200 lbs. of V-C Fertilizers. 
Use V-C Fertilizers. They contain the 
plant-foods necessary to make good strong 
the pods of grain. They insure more 
bushels in payment for every hour of labor — more profit on 
every bushel you sell. 

Our 50 factories and distributing points enable us to ship with 
a minimum amount of transportation, but due to the scarcity 
of materials and freight cars, fertilizers should be ordered 
immediately. Write for name of V-C Dealers near you. 



straw an 



d fill 



VIRGINIA -CAROLINA CHEMICAL COMPANY, Incorporated 



Richmond, Va. 




Norfolk, Va. 




Alexandria, Va. 


Columbia, S. C 


Durham, N. C. 


Atlanta, Ga. 


Winston-Salem, N. C. 


Athens, Ga. 


Charleston, S. C. 


Savannah, Ga. 



V-C Sales Offices 

Columbus, Ga. 
Gainesville, Fla. 
Jacksonville, Fla. 
Sanford, Fla. 



Memphis, Tenn. 
Mt. Pleasant, Tenn. 
Birmingham, Ala. 
Mobile, Ala. 



Montgomery, Ala. 
Shreveport, La. 
Baltimore, Md. 
Fort Wayne, Ind. 
Cincinnati, Ohio 
New York City 



377 



PROGRESS 




Use the Seaway Direct to 
Manchester, England 



Save Transit Charges^ Ship Your Cotton to 
the Port of Manchester 



Direct Sailings from 

Gulf and North Atlantic Ports to the Centre of the 

Lancashire Cotton Industry 



GALVESTON 

NEW ORLEANS 

MOBILE 

PENSACOLA 



JACKSONVILLE 
BRUNSWICK 

SAVANNAH 
NORFOLK 



BALTIMORE 
PHILADELPHIA 
NEW YORK 
BOSTON 



For injormation as to sailings^ etc., apply to 

THE MANCHESTER SHIP CANAL COMPANY 

68 Broad Street, New York City 



378 



Campbell Sr" Jefferson Co, 



COTTON 



COTTON WASTE 



Stewart Building UTICA, N. Y. 



Maynard & Woodward 

MEMBERS NEW YORK COTTON EXCHANGE 

American, Egyptian, Sea Island 
and Peruvian 

COTTON 



Mayro BmUtng UTICA, N. Y. 



NATHAN 

FETTIS 



Export Freight 
Brokers 



715-716-717 Hennen Bldg. 



NEW ORLEANS, LA. 



Nkw York Okkick 
101 Park Avenue 
Architects Building 



370 



Springkikld Office 
Stearns Buiklinu 
293 Bridge Street 



Casper Ranger 
Construction Co 

Main Office 

20 Bond Street 

HoLYOKE, Mass. 

Boston Office :: 201 Devonshire Street 



Holyoke, Massachusetts 



JULES MAES & COMPANY, Inc. 

Successors to 

Produce & Warrant Company, Inc. 

(New York Agency) 

Export and Import Commission Merchants 

NEW YORK NEW ORLEANS 

78-80 Wall Street 433 Gravier Street 

COTTON EXPORTERS 



SOUTH AMERICA 
Buenos Aires, Argentine 
Bahia - Brazil 

Rio de Janeiro, Brazil 
Santos - Brazil 

Sao Paulo - Brazil 







GENERAL AGENCIES: 


EUROPE 




Antwerp 


Belgium 




Ghent 
London 


Belgium 
England 


WEST INDIES 


Le Havre 


France 


Havana - Cuba 


Amsterdam - 


Holland 




Genoa 


Italy 




Milano 


Italy 





380 



1 

Manufacturers of 

Cord Fabrics 




NORTH ADAMS 

Massachusetts 

TREASURER'S OFFICE 

299 BROADWAY, NEW YORK 







■Mi\ 



R. L. GREENE PAPER CO. 

N. L. R. Gardnkr, Pros, and Treas. GARDNER BUILDING A. A. Adams, Secretary 

50 FOUNTAIN STREET - - PROVIDENCE, R. I. 

PAPER 

For COTTON, WOOLEN, WORSTED and KNITTING MILLS 
Converters and Bleacheries; papers for every purpose. 



Complete 
Stock 

Wrapping 
Twine 



!J^J0j f 




uTium 2E s] 2r S; ^ ^tn*-^ -■ 





We are equipped to contract on ordinary and fireproof roofings, asbestos materials, pipe and boiler 

coverings and insulations of every description. 

Eastern Distributors of RELIANCE ROOFING ^""^"^wf^HouT^ImT ^'''' 



Established 1844 



Incorporated 1917 



A. M. HINMAN CORR 

Successors to 

HINMAN & TAYLOR 

DRY GOODS REFOLDING 

EXPORT BALING and PACKING 

Storage fVarehouse 

8-10 White Street NEW YORK, N. Y. 



Formerly 
H. VAN WAGENEN 
W. H. HUBBEL 



» Canal 210 

Telephones:- Canal 211 

( Canal 645 



382 



J. P. BRUNDIDGE 

& CO. 



ESTABLISHED 1897 



Cotton Merchants 



Main Office 
PINE BLUFF ARKANSAS 



High Grades 
Benders 



Extra Staples 



Buyers, Shippers and Exporters 



383 



JOHN H. MEYER & CO., Inc. 

MANUFACTURERS, DYKRS AND I-INISHKRS 

COTTON GOODS 

iRADK-MARK 50-54 UNION SQUARE : : : NEW YORK 




■-$:^^-B^ 







A 







Canton, Mass. Wilkinsonville, Mass. 

THE GROUP OF MILLS OWNED AND OPERATED BY JOHN H. MEYER & CO., INCORPORATED 



Cuyamel Fruit Company 



GROWERS AND IMPORTERS OF 

Famous Cuyamel Bananas 

Semi-weekly Sailings, Freight and Passenger 
Steamers to Puerto Cortes, Honduras 



Of fie e : 410 Camp Street 

New Orleans Louisiana 



384 

Aniline Dyes fif Chemicals, Inc. 

VAT COLORS 
MIDLAND BLUE R 

Paste and Powder 

MIDLAND VAT BLUE 5-B 



SYNTHETIC INDIGO 

20% Paste 



Dyed Samples from practical mill dyings, and 
full particulars on request 



Cedar and Washington Streets, New York 

p. O. Box 994 City Hall Station 

Branches 
BOSTON PHILADELPHIA CHICAGO COLUMBUS, GA. 



HULLS, 
CARGOES 



MARINE INSURANCE 



385 



MERCHANDISE, 
SPECIE, BONDS 



Issue Policies on all Classes of Marine Risks, including Yachts, 
Registered Mail and Parcel Post. 

LOSSES MADE PAYABLE IN ALL PARTS OF THE WORLD. 
ROYAL INSURANCE COMPANY, Ltd., of Liverpool, England 

(marine: DEPARTMENT) 

QUEEN INSURANCE CO. OF AMERICA, of New York 

(MARINE DEPARTMENT) 

NEWARK FIRE INSURANCE CO. of Newark, N. J. 



(MARINE DEPARTMENT) 



84 WILLIAM STREET 



NEW YORK CITY 



JOHN E. HOFFMAN, Marine Manager 




386 



John H. Rodgers Wm. C. Hill 

Wm. a. Hart J. Hampton Harris 



RODGERS & CO. 

Cotton Merchants and Exporters 



Norfolk, Virginia 
Tarboro, North Carolina Augusta, Georgia 

Petersburg, Virginia 
RODGERS, RICH & CO., NEW YORK, N. Y. 

Members 

New York Cotton Exchange 

dissociate Members 

Liverpool Cotton Association, Ltd. 

Full Cargoes Cotton to European 
Ports a Specialty 



Largely Interested in the Hart Cotton Mills and Fountain 
Cotton Mills, Tarboro, North Carolina 



387 



Filatures et Tis sages Mecaniques 

TeintLireries, Retcnderies 
Blanchiment, Apprets et La in ages 

Les plus hautes retompenses aux 
Expositions de Tourcoing, 1906, 
Roubaix, 191 1, et Gand, 191 3 



Code Used ABC 5th Edition 



FERNAND HANUS 



Rue aux Draps, 28 



GAND 



BELGIUM 



Anciens Etablissements Bertel 
ou Etablissements Fran^ais 

FERNAND HANUS 

Filatures et Tissages de Coton 
SoTTEviLLE-LEs-RouEN :: FRANCE 



Edoardo Stradelki 

MILAN, ITALY 



Cotton Agent and Merchant 



Member of 

New York Cotton Exchange 



Cable Address '' STRADELLA' 



THE FIRST NATIONAL BANK 

/^ RICHMOND, VIRGINIA 

Capital $3,000,000 Deposits $28,000,000 

Located within a iew doors ot the Federal 
Reserve Bank of Richmond, is especially equipped 
to handle promptly and satisfactorily com- 
mercial banking throughout Virginia, West 
Virginia, North Carolina and South Carolina 

Our Thrust Department offers you a service unexcelled 



John M. Miller, Jr., President W. M. Addison, Vice-President 

Chas. R. Burnett, Vice-President 
Alex. F. Ryland, Cashier Thos. W. Purcell, Trust Officer 



388 



Russell B. Lowe, President Arthur H. Lowe, Treasurer 

Parkhill Manufacturin 
Company 

Fitchburg :: Massachusetts 



Makers of 

Toile Du Nord, Imperial Chambray 
Braeloch and Glen Roy Ging-hams 



AMORY, BROWNE & COMPANY 

Se I ling Ag e?its 
NEW YORK BOSTON 



389 

H. A. METZ & CO., Inc. 

122 Hudson Street, NEW YORK, N. Y. 

American Made Products 

D^^estuffs, Colors, Sizing- and Finishing Materials 

Manufactured by 

CONSOLIDATED COLOR & CHEMICAL CO. 

NEWARK, NEW JERSEY 

DYESTUFFS AND INTERMEDIATES 

Manufactured by 

CENTRAL DYESTUFF & CHEMICAL CO. 

NEWARK, NEW JERSEY 

Branches : 

BOSTON PROVIDENCE PHILADELPHIA CHICAGO 

SAN FRANCISCO CHARLOTTE 



i4 



STRACHAN LINE" 

Strachan Shipping Company 



Steamship and Freight Brokers 

FORWARDINC AGENTS 

Offices at 

Savannah, Brunswick, Georgia Charleston, South Carolina 

Jacksonville and Fernandina, Florida 

New York Office 61 BROADWAY 



390 



THE CHASE NATIONAL BANK 



of the CITY of NEW YORK 



57 BROADWAY 



CAPITAL 

SURPLUS AND PROFITS 

DEPOSITS (June 30, 1919) 



$10,000,000 

18,478,000 

381,639,000 



OFFICERS 
A. Barton Hepburn, Chairman of the Advisory Board Albert H. Wiggin, Chairman of the Board of Directors 



Eugene V. R. Thayer 
Samuel H. Miller 

Edward R. Tinker - 

Carl J. Schmidlapp - 
Gerhard M. Dahl 

Reeve Schley - - - 

Alfred C. Andrews - 



President 
Vice-President 
Vice-President 
Vice-President 
Vice-President 
Vice-President 
- - Cashier 



Charles C. Slade - 

Edwin A. Lee - - 

William E. Purdy - 

Charles D. Smith - 

William P. Holly - 

George H. Saylor - 
M. Hadden Howell 



Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 



S. Fred Telleen - 
Robert I. Barr 
Sewall S. Shaw 
Leon H. Johnston - 
Otis Everett - - 
George E. Schoepps 



Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 
Asst. Cashier 



DIRECTORS 



Henry W. Cannon 
A. Barton Hepburn 
Albert H. Wiggin 
John J. Mitchell 
Guy E. Tripp 



James N. Hill 
Daniel C. Jackling 
Frank A. Sayles 
Charles M. Schwab 
Samuel H. Miller 



Edward R. Tinker 
Henry B. Endicott 
Edward T. Nichols 
Newcomb Carlton 
Frederick H. Ecker 



Eugene V. R. Thayer 
Carl J. Schmidlapp 
Gerhard M. Dahl 
Andrew Fletcher 



WE RECEIVE ACCOUNTS OF 
Banks, Bankers, Corporations, Firms or Individuals on favorable terms, and shall be pleased 
to meet or correspond with those who contemplate making changes or opening new accounts 

FOREIGN EXCHANGE DEPARTMENT 



M. E. GooDE 

Preside 7it 



C. J. Jones 

Sec'v and Treas. 



M. E. Goode 
Co. 

Cotton Merchants 



No7'th Georgia Cotton 
a Specialty 



MACON 



GEORGIA 



EASTERN SOUTH CAROLINA 
produces some of the best V/^' 
to \y4' cotton grown in the United 
States from seed bred by Mr. D. R. 
Coker. 

We handle a large proportion of this 
cotton. It is preferred by some mills 
to Delta staples because it is freer 
from leaf and has superior merceriz- 
ing qualities. 

We invite correspondence from mill 
treasurers who want the very best 
of its class. 

Coker Cotton Company 

HARTSVILLE, S. C. 



;59i 



ESTABLISHED 1899 



STANLEY HENSHAW 

Greenville, Miss. 



BUYERS ^ j_j_ BENDERS AND 

SHIPPERS AND « 11111111 STAPLES 

EXPORTERS XL^VVVVfL A SPECIALTY 



MAIN OFFICES: 
GREENVILLE, MISS. MUSKOGEE, OKLA. 

GREEmVOOD, MISS. MEMPHIS, TENN. 

CLARKSDALE, MISS. 



R. F. Scott, President R. J. Murphy, Vice-President James A. Smith, Cashier 

F. D. Mallory, Vice-President W. E. McMuRRAY, Assistant Cashier 

The First National Bank 

UNITED STATES DEPOSITARY 

PARIS :: TEXAS 

Resources and Liabilities 

Resources Liabilities 

Loans and Discounts - - - $L708,603.81 Capital Stock ----- $300,000.00 

U. S. Bonds _ - - - - 322,000.00 Surplus and Undivided Prolits - L56,278.20 

Other Bonds and Securities - - 34,400.00 Circulation ----- 294,750.00 

Stock in Federal Reserve Bank - 12,000.00 Rediscounts ----- 174,752.50 

Banking House, Fur. and Fix. - 162,000.00 Bonds Borrowed ----- 91,000.00 

Liberty Loan and Victory Bonds - 325,800.00 Bills Payable ----- 100,000.00 

Treasurer's Certificates - - - 350,000.00 Deposits . - - - . 2,429,086.72 

Savings Stamps _ _ _ _ 838.00 

Cash in Vault and other banks - 630,225.61 

$3,545,867.42 $3,545,867.42 



392 




ONE OF THE MANY STEEL SHEDS LINING THE NEW ORLEANS HARBOR FRONT 

WE INVITE THE ATTENTION OF THE 

WORLD COTTON CONFERENCE 

and Cotton Men the World over 

to the Special Facilities and Advantages that have made 

NEW ORLEANS THE SECOND AMERICAN PORT 

/// volume of export and import tonnage and 
which will enable it to maintain that position 



THESE facilities were not bestowed by nature upon 
New Orleans. 

New Orleans was not content to merely occupy its 
strategic position as the gateway to the great Mississippi 
Valley — its output to the world — it was not satisfied with 
the advantages that nature had so bountifully provided — 
but twenty-three years ago it inaugurated a policy and plan 
of public ownership and operation of port facilities that have 
not only enabled it to keep pace with other American ports, 
but to outstrip man}' of them in the competition for 
world trade. 

This was not a haphazard development, but a gradual 
process or evolution that has been a demonstrated practical 
success. In the words of Roy S. MacElwee, Ph.D., Lecturer 
in Economics and Foreign Trade at Columbia University, in 
his book on " Port and Terminal Facilities" — 

"New Orleans is the most advanced port in 
America in respect to scientific policy." 

The New Orleans harbor extends from the jetties at the 
mouth of the Mississippi River to the city of Baton Rouge — 
237 miles in length, averaging three-quarters of a mile wide, 
and from 36 to 234 feet deep. 

There are 41 miles of river frontage under jurisdiction of 
the Board of Commissioners of the Port of New Orleans, 
the members of which are appointed by the Governor of 



Louisiana and serve without remuneration; and since it took 
charge seventeen years ago this Board has expended nearly 
^15,000, 000 in improving over seven miles of the east bank 
with wharves, steel sheds and modern elevators, and other 
facilities for loading and unloadmg. 

Including equipment built by railroads and industrial plants 
on both sides of the river, the total improved portion of the 
port is 45,000 lineal feet, capable of berthing 90 vessels 500 
feet long. Depth in this part of the river varies from 40 to 
100 feet at the wharf lines to 188 feet in midstream. No slips 
are needed as the vessels can berth alongside, and the present 
wharf area, 863^ acres, gives ample room for all present needs. 

These wharves are served by the Public Belt Railroad, with 
60 miles of track municipally owned and operated, and by 
two other terminal belt railroads, the New Orleans Terminal 
with 80 miles of track on the east bank, and the Trans- 
Mississippi Terminal Company with 69.65 miles on the west 
bank; and by 6 miles of the Louisiana Southern Railway, 
giving a total trackage of over 215 miles connecting the 
wharves with the ten trunk line railroads which enter the 
city, and also with industrial plants, private compresses by 
means of sidetracks. The total trackage serving the port 
could store 13,000 cars of exports, at one time. 

This is the most perfect co-ordination of rail and water facili- 
ties of any American port; and the result has been a net gain of 
6o per cent in the foreign trade of New Orleans for the first 
seven months of igig over the same period of igi8. 



For further mformation relating to port charges and other details, address the 

BOARD OF COMMISSIONERS, Port of New Orleans 

AN AGENCY OF THE STATE OF LOUISIANA 



W. 0. Hudson, President W. A. Kernaghan, Vice-President Rene F. Clerc, Secretary 

Albert Mackie Thos. H. Roberts 



393 




BIRDS-EYE VIEW OF THE COTTON WAREHOUSE AND TERMINAL PLANT AT NEW ORLEANS 

The World's Largest Cotton Warehouse 

and Terminal Plant 

Owjied and Operated by the STATE OF LOUISIANA 




HIGH-DENSITY COMPRESS, NEW ORLEANS PUBLIC COTTON WAREHOUSE 



New Orleans particularly 
invites the inspection by dele- 
gates to the World Cotton 
Conference of her publicly- 
owned and operated ware- 
house and co-ordinated ter- 
minal for the storage and 
handling of cotton. 

It is estimated that the 
storer saves at least one dollar 
on every bale stored in this 
great plant; but this saving is 
only a small part of the advan- 
tage gained and to be gained. 

These facilities are being 
enlarged to bring the annual 
handling capacity well above 
2,000,000 bales. 



BOARD OF COMMISSIONERS 

PORT OF NEW ORLEANS 



W. 0. Hudson, President 



An Agency of the State of Louisiana 

W. A. Kernaghan, Vice-President 



Rene F. Clerc, Secretary 



Albert Mackie 



Thos. H. Roberts 



391 



"■One policy of The Home of New Tork trcom/nends diiother 
ELBRIDGE G. SNOW, President 

A ITIL 11V^1VJIJ_> Organized - - - 

INSURANCE COMPANY home Office: 

NEW YORK !:!:^::::i 



- - - - 1853 

No. 5() Cedar Street 

- - $6,000,000.00 



AS A LEADER among insurance companies "THE HOME OF 
NEW YORK" has constantly sought to anticipate the needs 
^ of all branches of business insurancewise and then to promptly 
supply them by enlarging its own underwriting facilities. 

The results of its efforts in this direction have been and are encourag- 
ing, and the Company will continue to keep in advance of the needs 
of American business, both here and abroad. 

Fire, Lightning, Automobile, Explosion, Hail, Marine (Inland and Ocean), Parcel Post, Profits and 
Commissions, Registered Mail, Rents, Rental Values, Riot and Civil Commotion, Sprinkler Leakage, 
Tourists' Baggage, Use and Occupancy, Windstorm, Full War Cover. 



STRENGTH 



REPUTATION 



SERVICE 



"ACME" No. 30 

HOSIERY AND TEXTILE BINDER 



A simple, mexpensive 
machine for attaching 
tickets on hosiery, 
underwear, etc. 

It uses a pointed 
staple, cannot injure 
the finest silk hose ; 
can be set aside when 
not m use. 

Is operated by foot 
power and has a 
patented work-holding 
device carrying one 
dozen or more pairs 
of hose, keeping them 
in perfect alignment 
and presenting the 
tops in position to re- 
ceive the tickets at 
least twenty-five per 
cent, quicker than by 
any other method now 
in use. 

For particulars 
address Sole Agents 




AN ACMF, FOR EVERY 

PURPOSE 
There is one that binds heavy 
carpet samples or light sillcs 
another to take the place 
of pins or clips. Whatever your 
purpose, there Is an Acme that 
will fit it more economically 
than any other device. Special 
models made for special re- 
quirements.. Write for time- 
saving information. 



C. E. HARDENBROOK CO., 44 N. 4th Street 

PHILADELPHIA, PA. 



Eugene Vellner 

MANUFACTURER 
and IMPORTER 



Aniline Colors 

Dyestuffs and 

Chemicals 

SOFTENERS and SOLUBLE OILS 

Albinol TEiTiri Soap 

271 South Fifth Street 
PHILADELPHIA, PA. 



m:> 



New Orleans 
Underwriters Agency 

308 Camp Street New Orleans, La, 



JAMES B. ROSS, General Manager 
ALLEN E. TURNER, Asst. General Manager WM. P. MAUS, Secretary-Treasurer 



Insurance in all its Branches 



COTTON OUR SPECIALTY 



We have practically unlimited facilities for handling all classes of Insurance, 
except Life, in the States of Louisiana and Mississippi. 



Our Marine Department is fully equipped to handle Cotton and other Cargo 



We are represented in the Leading Republics of Central America, 
and have large facilities for Central American Business. 



JVe Specialize in SERVICE TO OUR CLIENTS 



396 



Jno. W. Arrington Ellison A. Smyth Jno. W. Arrington, Jr. R. W. Arrington H. R. Stephenson 

President Vice-President Treasurer Secretary Superintendent 



Union Bleaching and Finishing Co. 

Bleachers, Dyers and Finishers 

COTTON PIECE GOODS 

New York Office 
43 LEONARD STREET 

Tel. 4577 Franklin 

GREENVILLE SOUTH CAROLINA 



Are You , — * .c^ Exporting 
Shipping or Jv^^,^ Cotton? 

— then turn to page 38 of our new book: "What the Insurance 
Company of North America Writes" — 

Other interesting chapters on Fire, Marine, Automobile, Tourist 
Baggage, Parcel Post and other forms of Property and Transpor- 
tation Insurance. A book every property owner and shipper 
should read. A copy is yours FREE. 

Insurance Company of North America 

PHILADELPHIA 

Founded 1792 The Oldest American Stock Insurance Company 

Capital $4,000,000 Assets over $30,000,000 Losses Paid Since 1792 over $203,000,000 

COTTON AGENTS 
Platt, Fuller & Co., - New York City F. M. Robertson - - Charleston, S. C. 
F. M. Butt & Co., Houston, Texas, Dallas, King & Company - - Memphis, Tenn. 

Texas and Atlanta, Georgia Marshall J. Smith & Co., Ltd., New Orleans, La. 



B.F.Baile) &Co, 

Commission 
Merchants 

10 AND 12 THOMAS STREET 
NEW YORK 



WHITE GOODS 

WASH GOODS 
MERCERIZED DAMASKS 
TURKISH TOWELS 



397 

The Pedigreed 

Seed Company 

of Hartsville, S. C, was organized in 191 2 to cany 
on, extend and make widely available to southern 
farmers the breeding work in cotton and other 
field crops begun eighteen years ago by our Mr. 
D. R. Coker. The growth ot this busmess has 
been limited only by the facilities of the company 
in scientific personnel and equipment. Some of 
the most profitable and popular cottons now 
grown are the products of Coker's Pedigreed Seed 
Breeding and Experimental Farms, of Harts- 
ville, S. C. 

We have entirely sold out and have had to decline 
orders for thousands ot bushels of our pedigreed 
cotton seed for the 1920 crop. These cottons pro- 
duce excellent staple and a high yield under severe 
conditions of boll weevil infestation. Being anxious 
to distribute the benefits of our breeding work to 
as wide advantage as possible, we suggest that 
growers write us now for literature and arrange 
to book seed for delivery for the 1921 crop. 

The U. S. Department of Agriculture, all Southern Ex- 
periment Stations and the British Cotton Growers 
Committee are familiar with our work. 

PEDIGREED SEED COMPANY 

Breeders and Growers of Fine Seeds 
^■"'pretdfur''''' HARTSVILLE, S. C, U. S. A. 



J. D. Mahony Transfer 
Company, Inc. 



J. L. MAHONY, President 



W. P. MAHONY, Secretary 



DRAYAGE OF COTTON 

Draymen for the Texas & Pacific Railroad 

Office Thalia and Front Sts. Phone Main 4053 

NEW ORLEANS, LOUISIANA 



398 



R. W. BROWN ETIENNE DENNIS DAVID BROWN 

DENNIS & BROWN 

Cotton Importers and 
'brokers 



LIVERPOOL HAVRE 



Cable Address Cable Address 

Dennis, Liverpool Robrown, Havre 



Special attention given to future orders 

in all markets 



'^y)(Cembe?''s of 

HAVRE SYNDICAT DU COMMERCES DES COTONS 
NEW YORK COTTON EXCHANGE 
LIVERPOOL COTTON ASSOCIATION 



'tate Street Crust Co. 

BOSTON 

MEMBER FEDERAL RESERVE SYSTEM 

Mass. Ave. Branch, Cor. Mass. Ave. and Boyi.ston St. 
Main Office, 33 Sr.vrE Street 

Copley Square Branch, 579 Boyiston Street 

DEPARTMENTS 

TRUST TRANSFER 

BANKING SAFE DEPOSIT 

FOREIGN 

THREE OFFICES 
Thoroughly equipped and competent to act 

Safe Deposit Vaults in all three offices, also 
Silver Storage Vaults in Mass. Ave. Branch 



I'^DVVAKD BrAYTON 



399 



Richard Oshorn 



Towne, Brayton 
& Osborn, Inc. 



iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii 



Cotton Merchants 



Fall River, Mass. 



G. A. HoGSETT, President 



R. H. HoGSETT, Vice-President 



CRESCENT FORWARDING AND 
TRANSPORTATION CO., Ltd. 

Drayage 



1225 Tchoupitoulas Street 

Phone Main 1074 NEW ORLEANS 



400 



W. E. BEATTIE, Vice President and Treasurer M. C. BRANCH, President HERBERT LINDSAY, Secty. and Asst. Treas. 

T. M. MARCHANT. Vice President B. O. WOODWARD, Assistant Secretary 



EXECUTIVE OFFICE : 



Victor- 

Monaghan 

Mills 




Greenville 
South 
Carolina 



246,000 SPINDLES 

WATTS STEBBINS & CO., Selling Agents 



5,700 LOOMS 

44 Leonard Street, New York 



Manufacturers of Print Cloths and Sheetings, Bed Spreads, Wide Sheetings, Shade Cloths, Jeans, Fancy Shirtings and 
Dress Fabrics, Pajama Checks and Plaids, Poplins, Piques, Fancy Export Fabrics, Shirting Cords 



S. M. BEaTTIE, Vice Pres. 



W. E. BEATTIE, Pres. & Treas. 

Piedmont ^'^^mk^ 

Manufacturing ^jiiji^ ^- -^*-.^^.^#^^^ 
Company 



R. D. SLOAN, Sec'y. & Asst. Treas. S. T. BUCHANAN, Supt 

Manufacturers of 




^"::;"''""I|";:::::L:|!)jj Sheetings, Drills 
Shirtings and 



Yarns 



PIEDMONT '^''^wo spiNDLLS 2,000 looms South Carolina 

Manufacturers of SHEETINGS, SHIRTINGS, DRILLS 

WOODWARD BALDWIN & CO., Selling Agents :: Worth Street, New York 



FOR FIFTY-FIVE YEARS 

This Bank has faithfully met the requirements of 
Southern Industry. 

Right Methods and the Highest Standards have always 
been our guiding principles during this long period. Not 
only have they led us to reap concrete results, but that 
less tangible quality — Good IVill — has been established. 

And aWays a goodly proportion of our business has been 
with The Cotton Ma?i and his vital industry. As an 
old friend we rejoice in his success. 

PLANTERS NATIONAL BANK 

RICHMOND, VIRGINIA 

Capital $600,000 Surplus and Profits $1,750,000 

Total Resources Twenty-Three Millions 

"successfullt serving the south since '65" 



101 



BLISS FABYAN & CO. 

BOSTON NEW YORK CHICAGO 

Selling Agents for 

PEPPERELL MFG. CO. 

Biddeford, Me. 

ANDROSCOGGIN MILLS 

Lewiston, Me. 

BATES MFG. CO. 

Lewiston, Me. 

EDWARDS MFG. CO. 

Augusta, Me. 

HILL MFG. CO. 

Lewiston, Me. 

OTIS CO. 

Ware, Mass. 

PALMER MILL 

Three Rivers, Mass. 

COLUMBIAN MFG. CO. 

Greenville, N. H. 

THORNDIKE CO. 

Thorndike, Mass. 

CORDIS MILLS 

Millbury, Mass. 

WARREN COTTON MILLS 

West Warren, Mass. 

BOSTON DUCK CO. 

Bondsville, Mass. 



402 



Cable e^^^/rjj-— CLERTON, Havre 



COMPTOIR HAVRAIS 



d' Affaires en Marchandises 



Cotton Importers and Brokers 



Capital 1,000,000 francs 



T^irectors 
Mr. Leon Clerc Captain Charles Clerc 



403 



Officers : Allen F. Johnson, President Edward C. Peters, Vice-President 

J. S. Drake, Superintendent 
P. E. Glenn, Secretary and Treasurer W. H. TuRMAN, Asst. Sec. and Treas. 

Exposition Cotton Mills 

ATLANTA GEORGIA 

Manufacturers of 

WIDE SHEETINGS, DRILLS, TWILLS, SPECIALTIES 

Established 1882 

Selling zAgents—]. H. LANE & CO., 334 Fourth Avenue, NEW YORK 
60,000 Spindles 1,600 Looms 



Cable Address: "SHAWSHIP" 
Codes : 



Shepperson's 78-81 



Western Union 



Shaw Shipping 
Company 

(Incorporated) 

Alembers: 

N. 0. Board of Trade N. 0. Cotton Exchange 

Forwarding Agents and Foreign Freight Brokers 

Association of New Orleans, La. 

N. 0. Ass'n Commerce Miss. Valley Ass'n 

Export Freight and 
Forwarding Agents 

402 New Orleans National Building 
NEW ORLEANS, LA. 

Handling of Cotton Our Specialty 



MARINE 

Insurance 

COTTON COVERS 
AND RATES 

Submitted on Request 

Correspondence Solicited 

James Alfred Ross 

Insurance Service 
728 Gravier St., New Orleans, La. 



404 



Z.. Z.. Allen £^ Company 

COTTON 

Cotton JVaste & Linters 

SPARTANBURG, S. C. 

specialties: Low Grades and Staples 



D. NACHMAN & CO. 

Successors to S. Lesser 

AUGUSTA :: GEORGIA 
Domestic COTTON Export 

SPECIALTIES : 
Samples, Pickings, Linters and Low Grades 

Pieced Bagging, Sugar Bagging and Ties 



GRENADA BANK 

GRENADA, MISSISSIPPI 

with branch hanks at twelve other 
points in the state 

Capital and Surplus - $500,000.00 



The 

Trade-Mark 

OF A Live 

Reliable 

Concern 




Specializing 

IN all 

Grades of 

Cotton Mill 

Waste 



Buyers and Sellers of 

COTTON MILL WASTE 
LINTERS PICKINGS 

WRITE US 

SOUTHEASTERN WASTE CO. 

801-4 Silvey Bldg., ATLANTA, GA. 



We Paint Mill 

Interiors Without 

Interrupting Production 



Millmen who hesitate to give their 
interiors a much-needed painting, 
fearing that it will mean the shutting 
down of many of their machines, 
will find, if they place the work in 
our hands, that this is not at all 
necessary. 

The erection of scaffolding and apply- 
ing of paint, when developed into as 
fine an art as it has been by this 
organization, is readily accomplished 
without causing a cessation in the 
operation of machinery or endanger- 
ing goods in process. 

Consult with us on any of your 
painting problems. 

Charles H. Locke Co, 

Experien ced 
Renovators of 
Mill Properties 

Boston, Massachusetts 

201 Devonshire Street 



Phone Main 5932 



405 



910 CiRAviER Street 



Harriss, Magill fif Co., Inc. 



Codes: 

Scott's loth Edition 

Western Union 

Watkins' New 



Steamship Agents and Ship Brokers 



J. S. CLARK, Agent 



Cable Address : 
"HARMAGIL 



NEW ORLEANS 



Philadelphia 



Norfolk 



Savannah 



LOUISIANA 



Galveston 



T)ixie Steamship Line 
To U. K. AND Continent 



New York Office: 



50 BROAD STREET 



John T. Woodside, President J. D. Woouside, Vice-President l^ Treasurer 

John Q. Adams, Assistant Secretary S. T. McKittrick, Assistant Secretary 



E. F. Woodside, Vice-President 'd Secretary 
George Brownlee, Assistant Treasurer 



Woodside Cotton Mills Company 

Manufacturers of Print Cloths and Twills 

Executive Department: GREENVILLE, SOUTH CAROLINA 

PZ^.vrS— GREENVILLE, S. C. SIMPSONVILLE, S. C. FOUNTAIN INN, S. C. 

Cable Address: "JEDWOOD" 




WOODSIDE COTTON MILLS, GREENVILLE, SOUTH CAROLINA 
Largest Complete Cotton Mill Under One Roof in America 



406 



STAFFORD 
AUTOMATIC LOOMS 



^^^ffl^FlF 




^^ ,"^,>-- 



STAFFORD LOOMS are produced in one of the most 
complete manufacturing plants in New England. A 
plant which is entirely self-sustained including as it does, 
our own power plant, machine shop, torge shop, woodwork- 
ing establishment, and a great modern foundry. 

All materials entering into the construction ot our looms 
are subjected to rigid analyses and the entire process of 
manufacture is under the supervision of experts. These 
are important points well worth careful consideration. 

The Stafford Company 

READVILLE, MASS. 



J. H. MAYES, Southern Agent, CHARLOTTE, N. C 



ATKINSON 
HASERICK & 
COMPANY 



Importers and 
Exporters 



Boston, Mass. 

Bradford, Eng. 



JEROME 
FENTRESS 5? CO. 

Cotton Merchants and 
Exporters 

Rivers, Benders and 
Long Staples 

Cable Address: "Jerofent" 



MEMPHIS 



TENNESSEE 



1 DWARl) C". SlORROW 



107 



Francis J. O. Ai.sor 



Charles Storrow 
^ Co. 

KSTABI.ISIIKD 1867 

Cotton Buyers 

53 STATE STREET 

BOSTON 



Pro-vide Ncc Office 
522 Hospital Trust Building 

N. S. Campbell, Manager 



E. C. HAM R. I. LANE G. D. TAYLOR 

G. D. TAYLOR 
& CO. 

Cotton Merchants 



MEMPHIS 



TENNESSEE 



Cable Address: "Ha lata" 



Mississippi 

Arkansas 

Tennessee 



Selling Agency 
Charlotte, N. C. 

J. H. WoOLFOLK, Agent 



408 











Taylor Cotton Company 

^^y^acoHj Qeorgia 











McCONNEL & CO., Ltd. 

MANCHESTER ENGLAND 



Spinners and Doublers ot 

Fine 
Cotton Yarns 

For All Purposes 



H. M. REMINGTON 

113 Chestnut Street, Philadelphia, Pa. 

Sole Amey-iccm Representative 



W. K. Stringer P. K. McCully J. L. Brown 

STRINGER 
COTTON CO. 

Cotton Merchants 



CODES : 

Shepperson's '78 and '81 



Anderson 



South Carolina 



409 



Cable (i)id Tel. Address : 
Reynolds, Liverpool Regimen, Manchester 



REYNOLDS 

& GIBSON 



Cotton Brokers 

Qeneral Produce 'Brokers 



LIVERPOOL and MANCHESTER 



LIEUT.-COL. J. P. REYNOLDS, D. S. O. THOMAS WALMSLEY 

LIEUT.-COL. J. J. SHUTE, C. M. C, D. S. 0. 

CAPT. F. R. VERDON 

WILLIAM J. WALMSLEY LIEUT. FRANCIS REYNOLDS 

^m:embers 



LIVERPOOL COTTON ASSOCIATION, Limited 
NEW YORK COTTON EXCHANGE 
NEW ORLEANS COTTON EXCHANGE 
LIVERPOOL SUGAR & PRODUCE CLEARING HOUSE, etc. 



410 



Sanders, Orr 
ef Co. 



Cotton 



iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii 



Charlotte, N. C. 




Dyestuffs — Chemicals 

Indigo, Extracts and Pastes 

Aniline, Sulphur, Basic, Direct and Acid Colors, 

Cutch Gum, Arabic, Raw Materials 

Chemicals, Acids, Zinc Dust, Aniline Oil, 
Textile Soaps, Vegetable Oils 
Fibre Roving Cans, Trucks 

ENGLISH HOUSE 

M*11 ^ J !?JS> f^ MANCHESTER 

lllward C5 l^O., England 

Connections Northern Europe, India, Egypt, S. America 




185 Devonshire St. 



BOSTON, MASS. 



Cable Address: 

"Guthrie" 




Codes: 

Meyer's 39 

Shepperson's 78 & 81 


E. 


B. 


GUTHRIE 


SfCO. 


Cotton 






P. O. 1136 




DALLAS 


• • 

• • 


TEXAS 



Ill 



Bank of Liverpool and 
Martins Limited 



Head Office: - 7 WATER STREET, LIVERPOOL 
London Office: 68 LOMBARD STREET, LONDON, E.G. 



Capital Subscribed 
Capital Paid Up - - - 
Reserve Fund and Surplus Profits 
Deposits, etc., at 30th June, 1919 



/:i6,371,120 

2,046,390 

1,510,878 

68,645,921 



258 BRANCHES AND SUB-BRANCHES 



All descriptions of Banking, Trustee and Foreign 
Exchange Business Transacted 



The Bank is Prepared to Act as Agents for Foreign Banks 

on Usual Terms 



412 



"The 
John F. Trainor Co. 

Cotton Yarns 

Carded and Combed 

American, Egyptian, Sea Island 

Natural, Bleached, Mercerized, Dyed 

For All Trades 



Export Orders Given 
Special Attention 



291 Broadway 



New York City 



Kerr Steamship Company^ Inc. 

17 Battery Place, New York 



327 So. La Salle St. 
Chicago 

Regular 
Services 

Frequent 
Sailings 

To France 




211 Canal Bank Bldg. 
New Orleans 



From 

New Fork 

and 

New Orleans 



Spain 



Portugal 



Italy 



Holland 



Germany 



Belgium 



Scandinavia 



Brazil 



River Plate 



Dutch East Indies 



Japan 



China 



Sailing list and further information upon 
applicatio7i 



PORT of MANCHESTER, ENGLAND 

There are more than 100 FACTORIES in TRAFFORD 

PARK which forms part of the Manchester Dock area 

and ROOM FOR 100 MORE 

Apply Trafford Park Estates, Limited 

TRAFFORD PARK MANCHESTER 



The PORT of MANCHESTER WAREHOUSES, Limited 

Operate the largest individual COMMODITY STORAGE 
PLANT in the World 

Cotton Safes, Wool, Metal and General Stores, Wine, 

Spirit and Tobacco Bonded Warehouses, also 1,000,000 

Cubic Feet of Cold Storage 

PORT OF MANCHESTER WAREHOUSES, Limited 

TRAFFORD PARK MANCHESTER 



113 



FRANKLIN D'OLIER 

& CO. 



Cotton Yarns 



PHILADELPHIA 



New Toj'k Office 
395 Broadway 



Providence Office 
Industrial Trust Bldg. 



414 




lO 

Fertilized Acres 

Yield - 340 Bu 

Wheat 

' Including 
Fertilizer. 







Grow More Grain on Every Acre 



Fertilizer Made 10 Acres Yield as Much 
as 25 Unfertilized Acres 



V- 

Fertil 



America must g;row 
more wheat. Upon the 
yields we get from the 
soil depends the victory 
we must wrest from 
the Hun. 

How can the farmer, 
who is short of labor, 
grow more grain? He 
cannot doit by increas- 
ing his acreage, for that 
requires more labor! Increased production is 
best attained when every working hour is 
employed on fertilized land. Fertilizer in- 
creases the grain crop — without the hiring 
of an extra man — the purchase of extra ma- 
chinery — or the use of extra power. 
At the Ohio Experiment Station, tests were 
made on growing wheat with fertilizer, and 
without it. When planted on unfertilized 
land, it required 25 acres to produce 340 
bushels. The total cost (including seed, la- 
bor and land rental) was $280, or 82c per bu. 



izers 



CWhen planted on fertil- 
ized land, it required 
only 10 acres to produce 
340 bu. The total cost 
(including seed, labor, 
land rental and fertilizer) 
was $182, or 53c per bu. 
In other words, by using 
fertilizer, the cost of 
producing a bushel was 
lessened 29c — or that 
much more profit was made. Less than half 
as much land was needed. 
With labor at present wages, the saving is 
even greater than shown in these tests. Many 
farmers get an increase of 7 to 8 bushels of 

wheat per acre from the application of only 200 lbs. of V-C 
Fertilizers. Use V-C Fertilizers.Tliey contain the plant-foods 
necessary to make jrood strong straw and fill out tlie pods of 
prain. They insure more bushels in payment for every hour 
of labor — more profit on every bushel you sell. 
Our 50 factories and distributing points enable us to ship 
with a minimum amount of transportation, but due to the 
scarcity of materials and freight cars, fertilizers should be 
ordered immediately. Write for name of V-C Dealers near you 



VIRGINIA-CAROLINA CHEMICAL COMPANY '^^^ 

INCORPORATED 



Richmond. Va. 

Norfolk. Va. 

Alexandria. Va. Columbia. S. C. 

Durham. N. C. Atlanta. Ga. 

Winston-Salem, N. C. Athens. Ga. 

Charleston, S. C. Savannah, Ga. 



V-C Sales Offices 



Columbus, Ga. 
Gainesville, Fla. 
Jacksonville, Fla. 
Sanford. Fla. 



Memphis. Tcnn. 
Mt. Pleasant. Tenn. 
Birmingham, Ala. 
Mobile. Ala. 



Montgomery. Ala. 
Shreveport. La. 
Baltimore, Md. 
Fort Wayne. Ind- 
Cincinnati, Ohio 
New York City 



11 



L. C. Steele, President P. \'al. Kolb, J' ice-President and Treasurer \\. D. Nesbitt, Secretary 

Steele By-Products Co., iiic. 

Dallas, Tex. BIRMINGHAiM, ALA. Chicago, 111. 

305-6 Slaup;hter l^uilding General Offices and Warehouses 1()1;5 Hearst Buiidinp; 

2010-12 AVENUE E 

DEALERS 

Cotton By-Products 



Low Grades — Loose — Pickings 
Linters Cotton Seed Products Cotton Mill Waste 



Personal Inspection, Classification and Shipment. 
Mail us your samples. Write us for types. 



JENKS, GWYNNE & CO. 

29 Hospital Street 15 Broad Street 

MONTREAL, CANADA NEW YORK, N. Y. 

Coffee — Sugar C>iO 1 1 OJN Cotton Seed Oil- Grain 

listed and unlisted stocks and bonds 

MEMBERS 

NEW YORK COTTON EXCHANGE 

NEW ORLEANS COTTON EXCHANGE CHICAGO BOARD OF TRADE 

NEW YORK PRODUCE EXCHANGE NEW YORK COFFEE AND SUGAR EXCHANGE 

ASSOCIATE MEMBERS LIVERPOOL COTTON ASSOCIATION 

NEW YORK STOCK EXCHANGE 
ORDERS CAREFULLY EXECUTED ON ABOVE EXCHANGES 

Special Attention to Spot Cotton Deliveries 

COTTON CONSIGNMENTS INVITED 

PRIVATE WIRES TO 
Chicago — Montreal — Quebec — Toronto — Philadelphia — Hartford — Waterbury — Wilmington, Del. 



416 



CARRIER ENGINEERING 
CORPORATION 



39 CORTLANDT STREET, NEW YORK 



J. E. BOLLING PHONE 

Publicity Engineer Cortlandt 4417 



E. B. GUTHRIE & COMPANY 

COTTON 

DALLAS TEXAS 

P. O. 1136 CABLE ADDRESS "GUTHRIE" CODES: MEYER'S 39, SHEPPERSON'S 78 AND 81 



Slatersville Finishing Co. 

SLATERSVILLE, RHODE ISLAND 






Bleachers - Dyers - Finishers 
Cotton Piece Goods 






MYRIK ^ RICE, Sellins Agents 

320 Broadway, New York City 



ESTABLISHED IN 1877 

MULLER & CO. 

GALVESTON, TEXAS 

Cotton 
Exporters 



Branch Offices 

SAN ANTONIO AND NAVASOTA 

TEXAS 



417 

EST .1 B I.I S II I l> IS 76 

JOSIAH LINTON 
& CO. 

PHILADELPHIA, PA. 

ALL GRADES OF 

Cotton Waste 



Mill Contractors, Dealers, Packers, 
Importers, Exporters 



Friedman & Hasson 



iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii^^ 

Texas, Alabama and 

Mississippi Cottons 

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii 



OJfices : 

TEXARKANA - ARKANSAS 
TUSCALOOSA - ALABAMA 
MERIDIAN - MISSISSIPPI 



418 



ii 



COTTON WASTE AND LINTERS" 



Carolina Waste Co., Greenville, S. C. 

Greenville Bag-ging- Co., Inc., Greenville, S. C. 
Georgia Cotton Waste Co., Atlanta, Ga. 

Southern Cotton Waste Co., Charlotte, N. C. 

H. A. TANSILL, "President 



Spinning Stocks - Mattress Stocks - Paper Stocks 

WE SOLICIT YOUR PATRONAGE 



Tell women how 
to launder your 
fabrics properly 

To save their fabrics from destructive 
washing materials and poor wash- 
ing methods, many manufacturers 
are now attaching a tag telling women how 
to launder the fabric, and what soap 
product to use. 

The absolute harmlessness of Lux, and its 
great cleansing value — so that no rubbing 
at all is needed — explains the increasing 




specification of Lux on manufacturers' 
washing tags. 

Insure satisfaction in the use of your 
fabrics by telling women how to launder 
them properly. 

We will be glad to prepare washing tag 
layouts and copy for any fabric manu- 
facturer or maker-up on request. 

LEVER BROTHERS COMPANY 

Cambridge, Mass. 



Codes Used: 

Shepperson's 78 Ed Shepperson's 81 Ed 

Meyer's 39th 

Cable Address: — " Carrere " 



H. M. CARRERE 

843 Reynolds Street 
AUGUSTA :: GEORGIA 



<^ 



Cotton for Kxport a?2d 
^Domestic ^J^^Cills 



WHITING-ADAMS 

BRUSHES 

ALWmrS SUIT - NEVER FAIL 
^ ALL KINDS ^ 



FORSAOE EVERYWHERE 



Paint Brushes 

Varnish Brushes 

Toilet Brushes 
Artists' Brushes 

Household Brushes 

Railroad Brushes 




VULCAN 

Rubber Cemented 

Brushes 



Send for Illustrated Literatur* 

JOHN L. WHITINGJ. J. ADAMS CO. 

BOSTON. U. S. A. 

BmsK Maaaf acturar* for Over 1 OS Y«*r* 

and the Lar!;e«t in tka World 



JOSIAH LINTON & CO. 



ESTABLISHED 
1876 



PHILADELPHIA 
PA. 



ALL GRADES OF 

COTTON WASTE 

MILL CONTRACTORS, DEALERS, PACKERS, IMPORTERS, EXPORTERS 



The Executive Committee 
of the Book of the .... 
World Cotton Conference 

desire to express their hearty thanks for 
the liberal manner in which the cotton 
men of the world have co-operated in 
making the book a great success. 



Wheels or Gears 
Come off Sluick 
and Clean 



AUTOMATIC 




EaUH,,, 



. ^^ BEACH PATEMT 



There will be no more back-breaking 
labor, no more damaged wheels or gjar>. 
when you take them off the shafl bv meaiia 
of the GREB Automatic Grip PULLER 
(Beach Patent) which is the best tool made 
for the purpose, and can be uicJ for re- 
moving wheels, gears, commutators, trans- 
missions, pulleys, etc. 

Strong, simple and trouble-proof. Adjusts 
itself instantly and locks in any position. 
Capacity I to 18". 

Sent on 10 days* trial, and if it doesn't 
prove indispensable, your money wii! be re- 
funded. Write today for bulletin and prices. 

The GREB CO., 237 State Street 

BOSTON. MASS. 



420 



Melrose Chemical Company 



H. BENNETT, Proprietor 



Melrose 



Massachusetts 



Alizarine Green Alizarine Blue 

Alizarine Brown B Alizarine Brown R 

Beta Naphthol Paranitranline 

Steam Black Hydrosulphite 

Cotton Softeners 



Cbe i^Umpton 33re00 



NORWOOD 

MASS., U. S. A. 




Ma k e r s of 
THIS VOLUME 



K- 



Sngineering Thought Supplements the 
Textile ^^yyCanufacturer s experience 

Mill Buildings are of lOo per cent value in i)roduction only 
when they are exactly suited to the work to be done and have the 
most efficient relation to the entire group. 

This calls for the Engineer's practical thought and technical skill 
to supplement the Owner's intimate knowledge of his own business. 

This organization of demonstrated ability includes every technical 
force necessary to the designing of mill buildings, complete 
manufacturing establishments, warehouse and waterfront develop- 
ments, and the supervising of construction. 

MONKS & JOHNSON 

Architects E?tgi?2ee?-s 
99 Chauncy Street, Boston, Mass., U. S. A. 



"i-A 



Consulting Engineers for the 
Union Warehouse Corporation 









Originality in Humidifying 

Parks and Cra- 
mer entered the 

humidifying field only eleven and twelve years ago, respectively. 
Here are some of the. things they originated individually: 

A spray type of humidifier that could be 
cleaned — the first in the field. A spray type 
of humidifier made of copper — that would 
last a lifetime. Also first in the field. 

A spray type of humidifier of the fan type — 
or heavy duty — as we call it. Another origi- 
nal contribution to the art. More pounds of 
humidity for the investment or operating 
dollar. 

Automatic — and positive — regula- 
tion of humidity. The first in the 
field. 

The Turbo humidifier — ■a. compressed air 
humidifier. Unique in features of inter- 
changeability, durability and economy. It 
was the means of reviving to popular mill 
use — what might be termed a lost art. 

Turbo ring construction — a novel use of the 
cluster idea — centering the humidifiers 
around the mill posts — and eliminating all 
overhead piping. Originality again. Patented 
but coveted. Standardization of compressed 
air cleaning apparatus — making use of the 
by-product. 

The Turbo Oil Sprayer. Just a big Turbo 
Humidifier that is adapted to spraying oil 
instead of water. Also used as an Oil 
Burner. 

All this originality was developed 
under less favorable conditions than 
now exist. By the joining of two 
engineering staffs, more will surely 
result. The last word has not been 
said — in humidifying apparatus. No 
claim is made for superlative perfec- 
tion. What we do claim is an origi- 
nality that has marked a progress in 
the art — and a benefit to the textile 
trade in which every buyer of 
humidifying apparatus shares. 

Parks-Cramer Company 

Successor to 

The G. M. Parks Company Stuart W. Cramer 

FITCHBURG, MASS. CHARLOTTE, N. C. BOSTON, MASS. 






Established 1870 Incorporated 1890 

The Warren Soap Manufacturing 

Company 

TESTED APPROVED 

For fifty years we have been meeting the 
demands of the manufacturer for soaps 
and cotton softeners of absolute uniformity, 
purity and reliability. 

For fifty years we have studied his prob- 
lems, continually improving our methods 
and service, until today 

TVarren Textile Soaps 
TVarren Cotton Softeners 
JVarren Service 

ARE 

The Standard of the Trade 



11 SUMMER STREET 

* 

Boston Massachusetts 



LIBRARY OF CONGRESS 

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